"Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, announced that it has signed a share purchase agreement for the acquisition of 100 per cent stake in two SPVs holding 75 MW operating solar projects of Sterling & Wilson Private Limited, a Shapoorji Pallonji group company," an AGEL statement said.

The projects, commissioned in 2017, are located in Telangana and have long-term power purchase agreements (PPA) with the Southern Power Distribution Company of Telangana.

The enterprise valuation of the two target SPVs is Rs. 446 crore, it said

With this acquisition, the AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary conditions.

Vneet S Jaain, MD and CEO, Adani Green Energy Ltd, said, "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.”