Adani Green Energy Limited (AGEL) has signed a share purchase agreement for the acquisition of 100 percent stake in an SPV holding 50 MW operating solar project of Toronto-headquartered SkyPower Global, the company said in an official statement on Saturday. The project is located in Telangana and was commissioned in October 2017. It has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.
With the acquisition, Adani Green shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions.
Adani Green’s MD & CEO Vineet S Jain 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. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”