Ad Green Energy Limited (AGEL), one of the largest renewables compes in India, on Wednesday announced that it has signed a share purchase agreement for the acquisition of a 100 per cent stake in two SPVs holding 75 MW operating solar projects of Sterling & Wilson Private Limited, a Shapoorji Pallonji group company.
"Strengthening our portfolio through orgc and inorgc growth opportunities is an integral part of our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world," said Vneet S Jaain, MD and CEO, Ad Green Energy Ltd.
He also added the company will leverage the strength of the platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.
"The projects, commissioned in 2017, are located in Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana," read a statement by the company.
The enterprise valuation of the two target SPVs is Rs 446 crores.
"With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary conditions," the statement added.
Ad Green Energy Limited (AGEL), a part of India-based Ad Group, has one of the largest global renewable portfolios with 15.2 GW of operating, under-construction, and awarded projects catering to investment-grade counterparties.
The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation ("NTPC"), Solar Energy Corporation of India ("SECI"), and various state discoms.
( With inputs from ANI )
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