Adani Green Energy on Friday said it has acquired 100 per cent stake in two special purpose vehicles (SPVs) that own 75 MW operating solar projects in Telangana from Sterling & Wilson. The projects, commissioned in 2017, have long-term power purchase agreements (PPA) with the Southern Power Distribution Company of Telangana.
"Adani Green Energy Limited has completed acquisition of 100 per cent of the share capital and all the securities of Surajkiran Solar Technologies Private Limited and Dinkar Technologies Private Limited from Sterling and Wilson Private Limited," it said in a BSE filing.
Earlier this week, Adani Green Energy Ltd (AGEL) had signed definitive agreements with Sterling & Wilson, a Shapoorji Pallonji group company, for the acquisition.
The enterprise valuation of the two target SPVs is Rs 446 crore, the company had said.
With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, it had said.
Vneet S Jaain, MD and CEO, Adani Green Energy Ltd, had said, "Strengthening our portfolio through organic and inorganic 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."