Adani Green Energy Limited (AGEL) has completed the acquisition of 20 MW operating solar assets from Hindustan Power Projects for INR 133 crore. The projects are located at Supa in the Mahoba district of the Indian State of Uttar Pradesh.
As per the agreement, AGEL has acquired 100% of the share capital and all the securities of Spinel Energy & Infrastructure Limited—a special purpose vehicle floated by Hindustan Power Projects’ arms Hindustan Cleanenergy Limited and Peridot Power Ventures Limited to set up the 20 MW solar power unit.
The projects were commissioned in October 2017 and benefit from a long-term power purchase agreement with Uttar Pradesh state discom at INR 7.54/kWh.
Spinel Energy’s revenue for the year 2019-20 stood at INR 1,619 lakh.
The latest addition by Adani Green Energy follows its acquisition of 75 MW operating solar projects from Sterling & Wilson.
The projects, located in Telangana, were owned by Sterling & Wilson’s two special purpose vehicles, Surajkiran Solar Technologies and Dinkar Technologies.
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