Adani Green Energy Twenty-Three Ltd - a joint venture of Adani Green Energy and French energy major Total Solar Singapore - has completed the acquisition of a 205 MW solar power project for an enterprise value of Rs 1,632 crore, the Gautam Adani-led firm said in a regulatory filing on Thursday. With the acquisition, the total operating renewable portfolio under the JV increases to 2,353 MW.
Adani Green Energy Limited (AGEL) had earlier acquired these assets from Essel Group on October 1, 2020. The assets are located in Punjab, Karnataka and Uttar Pradesh.
"The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 crore," Adani Green Energy said in a filing to the BSE.
Adani Green Energy Twenty-Three (AGE23L) is a joint venture company, controlled by Total Solar Singapore Limited and AGEL, engaged in the business of solar power generation in the country. In April, this JV was formed at an enterprise valuation of Rs 17,385 crore and it already had 2,148 MW solar power assets in India. TOTAL, through its step-down subsidiary, has invested Rs 310 crore in the JV for 50 per cent stake in the new acquisition.
"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 21 years," AGEL added.
The Adani Group company said this transaction underlines AGEL's and TOTAL's commitment to grow the JV platform and deepens their partnership in the renewables space. "The assets expand the JV's footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL's strong operational expertise will help deliver value to the JV partners," it said.
Adani Group Chairman, Gautam Adani, said, "India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world's largest renewable power company by 2030."
On Wednesday, the Competition Commission of India (CCI) had given nod to the acquisition of solar energy generation assets of Adani Green Energy Ten Limited (AGE10L) by Adani Green Energy Twenty-Three Ltd (AGE23L). The assets proposed to be acquired consist of TN Urja Private Limited, Essel Urja Private Limited, PN Renewable Energy Limited, PN Clean Energy Limited, KN Indi Vijaypura Solar Energy Private Limited and KN Bijapura Solar Energy Private Limited.
KN Muddebihal Solar Energy Private Limited, KN Sindagi Solar Energy Private Limited, Essel Bagalkot Solar Energy Private Limited and Essel Gulbarga Solar Power Private Limited are also in the list of companies to be acquired by the JV. Adani Green Energy Ten Limited (AGE10L) is the holding company of the companies that are being acquired.
By Chitranjan Kumar