AHMEDABAD: Adani Green Energy Limited (AGEL) has inked a share purchase agreement with Toronto-headquartered SkyPower Global to acquire a 100% stake in the latter’s special purpose vehicle (SPV) that owns 50 MW operating solar asset in Telangana. With this acquisition, AGEL’s operating renewable capacity will increase to 3,395 MW, while its total renewable portfolio will touch 14,865 MW.
“The Telangana project was commissioned in October 2017 and has a long-term power purchase agreement (PPA) with the Southern Power Distribution Company of Telangana,” the renewable energy arm of Adani Group said on Saturday. The transaction, however, 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 of25 GW by 2025 and become the largest renewables company in the world,” said Vneet Jaain, MD and CEO, AGEL.