Adani Green takes over 205 MW solar energy assets; shares trade in the red

Adani Green Energy share price shed half a percent on October 1. The company completed the acquisition of 205 MW solar energy assets.

Adani Green Energy on October 1 said it has completed the acquisition of 205 megawatt (MW) operating solar energy assets from Essel Green Energy and Essel Infraprojects.

"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 companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years,” AGEL said in a regulatory filing.

On August 29, 2019, Adani Green Energy (AGEL) announced it would acquire 10 solar energy assets with a total generating capacity of 205 MW from Essel Green Energy and Essel Infraprojects for Rs 1,300 crore.

Vneet Jaain, Managing Director and CEO of Adani Green Energy said "this is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025.

The stock was trading at Rs 729.10, down Rs 8.75, or 1.19 percent at 11:46 hours.

According to Moneycontrol SWOT Analysis powered by Trendlyne, FII / FPI or institutions increasing their shareholding. The stock is showing strong momentum: price above short, medium and long term moving averages.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.