Ad Green Energy Ltd (AGEL) on Thursday announced that it has completed the acquisition of 205 megawatt operating solar assets from Essel Green Energy Pvt Ltd (EGEPL) and Essel Infraprojects Ltd (EIL).
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long-term power purchase agreements with various state electricity distribution compes.
The portfolio is relatively young with an average remaining power purchase agreement life of nearly 21 years. The acquired assets will be held 100 per cent by Ad Renewable Energy Holding Ten Ltd, a 100 per cent subsidiary of AGEL.
The acquisition marks the first operational portfolio acquisition by AGEL. The company had earlier announced the execution of definitive agreements for the acquisition of Essel portfolio on August 29, 2019.
"The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders," said Vneet Jaain, Managing Director and CEO of Ad Green Energy Ltd.
"This is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025," he said in a statement.
AGEL, a part of the Ad Group, has 14 GW of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties. It has been ranked as the number one global solar power generation asset owner by Mercom Capital.
The company aims to achieve 25 GW of renewable power by 2025 and is committed to contribute to India's Conference of Parties (COP) 21 goals.
( With inputs from ANI )
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