Adani Green transfers newly acquired Essel solar assets to TOTAL JV

in an announcement on Thursday said it has transferred its newly acquired Essel Group’s 205 megawatt (MW) solar assets to its joint venture. The JV company has completed this transfer of the assets at an enterprise valuation of Rs 1,632 crore.

Adani Green and SA had formed a 50:50 JV for 2,148 MW solar power assets in India, setup at an enterprise valuation of Rs 17,385 crore in April.

“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 Cr. With the acquisition, the operating renewable portfolio under the JV stands at 2,353 MW,” Adani Green said in its statement. TOTAL, through its step-down subsidiary has invested Rs 310 crore in the JV for 50 per cent stake in the new acquisition, the statement said.

ALSO READ: Adani Green completes acquisition of 205 MW solar assets from Essel

Adani Green first acquired the 205 MW solar assets from on October 1 for Rs 1300 crore. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution The portfolio is relatively young with average remaining PPA life of approximately 21 years.

Today’s announcement follows a Competition Commission of India (CCI) clearance given on Wednesday. The commission approved acquisition of solar energy generation assets of Ten by Twenty-Three (AGE23L), under Section 31(1) of the Competition Act, 2002, stated a Press Information Bureau (PIB) release on Wednesday. AGE23L is the joint venture jointly controlled by Total Solar Singapore Pte. and Adani Green Energy.

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