Adani Green Energy Ltd (AGEL) on Wednesday said it will acquire 74.94 MW of solar projects in Telangana from Shapoorji Pallonji Group company Sterling & Wilson for Rs 446 crore.
The company has signed a share purchase agreement for acquisition of 100 per cent stake in two special purpose vehicles holding the 74.94 MW operating solar projects, AGEL said in a release.
"The projects, commissioned in 2017, are located in Medak district of Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana Limited," it said.
The acquisition of the projects will increase the Adani Group company's operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW.
AGEL MD and CEO Vneet Jaain said strengthening the company's portfolio through organic and inorganic growth opportunities is an integral part of its vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world.
"We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project," he added.
Shares of Adani Green on Wednesday closed 1.49 per cent lower at Rs 1,292.60 on the BSE.