Energy

Adani Green to buy Essel's 205 MW solar energy projects for Rs 1,300 crore

Updated : August 29, 2019 07:52 PM IST

The enterprise value of the acquisition is about Rs 1,300 crore, which will be subject to closing adjustments, if any, on or before the closing date.

The transaction is expected to be completed by October 15, 2019.

Adani Green to buy Essel's 205 MW solar energy projects for Rs 1,300 crore

Adani Green Energy on Thursday said it would acquire 10 solar energy assets with total generating capacity of 205 MW from Essel Green Energy and Essel Infraprojects for Rs 1,300 crore.

"Adani Green Energy has entered into a securities purchase agreement for the acquisition of 100 percent equity interest in ten companies...from Essel Green Energy and Essel Infraprojects," it said in a BSE filing.

The enterprise value of the acquisition is about Rs 1,300 crore, which will be subject to closing adjustments, if any, on or before the closing date. The consideration would be paid in cash, it added. The transaction is expected to be completed by October 15, 2019.

The 10 companies have a combined capacity of 205 MW spread across three states -- Karnataka, Uttar Pradesh and Punjab.

The ten firms are -- Essel Bagalkot Solar Energy, Essel Gulbarga Solar Power, Essel Urja, KN Bijapura Solar Energy, KN Indi Vijayapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, PN Clean Energy, PN Renewable Energy and TN Urja.

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