Adani Green Energy buys 50% stake in Rajasthan-based solar park developer

The developer’s arm Adani Renewable Energy Holding Two has signed a deal to acquire a 50% stake in Essel Saurya Urja Co. of Rajasthan Ltd (ESUCRL) from Essel Infraprojects Ltd, for INR 15 crore. The remaining 50% equity of ESUCRL will continue to be held by the Government of Rajasthan.

January 18, 2023 Uma Gupta

Image: Sushmita Balasubramani/Wikimedia Commons

Adani Green Energy Ltd announced this week its arm Adani Renewable Energy Holding Two has raised a 50% equity interest in Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) for INR 15 crore ($1.85 million). ESUCRL is a 50:50 joint venture of Essel Infraprojects Ltd and the Government of Rajasthan, which owns and operates solar park in Rajasthan. It has developed a 750 MW solar park in the state. The company earned a turnover of INR 987.71 lakh in 2021-22.

Adani Renewable Energy Holding Two entered into a binding term sheet to acquire the stake in ESUCRL from Essel Infraprojects Ltd. The remaining 50% of the ESUCRL equity shares will continue to be held by the Government of Rajasthan.

Solar parks provide plug-and-play infrastructure for multiple solar projects, saving time and money for developers.

The acquisition of a stake in ESUCRL will expand AGEL’s footprint in the state of Rajasthan, where it already owns and operates a solar park in a joint venture with the government of Rajasthan, i.e., Adani Renewable Energy Park Rajasthan Ltd.

The acquisition is expected to be value accretive to our shareholders, stated Adani Green Energy. The transaction is expected to be completed by February 28, 2023.

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