Adani Green Energy Limited (AGEL) has followed up its investment in Canadian developer SkyPower Global’s solar assets with a deal to acquire Sterling & Wilson’s two operating PV assets holding a combined capacity of 75 MW.
These projects, commissioned in 2017, are located in Telangana and benefit from long-term power purchase agreements (PPA) with the Southern Power Distribution Company of Telangana.
As per the agreement, AGEL will acquire a 100% stake in Sterling & Wilson’s two special purpose vehicles (SPVs) holding 75 MW operating solar projects. The enterprise valuation of the two target SPVs is INR 446 crore.
With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary conditions.
The acquisition announcement follows AGEL’s recent deal to buy SkyPower Global’s 50 MW Telangana solar project at an enterprise value of around INR 317 crore.
Vneet S. Jaain, managing director and chief executive officer, Adani Green Energy Ltd, 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.”
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