Yesterday late evening, Adani Green announced that it is buying 205 MW operating solar assets of Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL).
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 22 years.
The acquisition of these assets is at an enterprise valuation of approximately Rs.1,300 crore. The existing long-term funding will continue.
Adani Green has a total renewable energy portfolio of 5,290 MW, of which 2,320 MW is operational across eleven states in India, and a further 2,970 MW is under construction.
Following this news, stock price of Adani Green rose today after two days of consecutive fall. It opened with a gain of over 5% at Rs.45.55 and rose to an intraday high at Rs.47.90, up 10.5%.