Adani Green Energy Limited (AGEL) said it has signed a share purchase agreement for acquiring 100% stake in a special purpose vehicle (SPV) holding 50 MW operating solar project from Toronto-based SkyPower Global.
The project located in Telangana was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.
The acquisition helps AGEL raise its operating renewable capacity to 3,395 MW with a total renewable portfolio of 14,865 MW including under-construction and awarded projects.
The closing of the transaction is subject to customary approvals and conditions.
"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,” Vneet Jaain, MD & CEO, Adani Green Energy Ltd.
The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation (NTPC), Solar Energy Corporation of India (SECI) and various state discoms.
On March 18, Adani Green Energy said it raised $1.35 billion from a clutch of 12 top global banks for funding its under-construction renewable asset portfolio, making it the first certified green hybrid project loan in India.
The revolving project finance facility would initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be setup in four SPVs in Rajasthan.
The 12 global banks that have agreed to lend money include Standard Chartered Bank, Intesa Sanpaolo S.p.A, MUFG Bank, Sumitomo Mitsui Banking Corporation, Coöperatieve Rabobank U.A., DBS Bank Ltd., Mizuho Bank, Ltd., BNP Paribas, Barclays Bank PLC, Deutsche Bank AG, Siemens Bank GmbH and ING Bank N.V.
The new pool of liquidity strengthens AGEL’s strategy to fully fund its under-construction assets for scaling up capacity to 25 GW by 2025, the company said.