The share price of Adani Green Energy gained over 2 percent to hit a fresh 52-week high of Rs 1,341.60 after the company announced the acquisition of 74.94 MW solar projects from Sterling & Wilson at Rs 446 crore.
In a regulatory filing, Adani Green Energy said that it has signed a share purchase agreement for the acquisition of 100 percent stake in two SPVs holding 74.94 MW operating solar projects of Sterling & Wilson, a Shapoorji Pallonji group company.
The projects, commissioned in 2017, are located in Medak District of Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana, it added.
“The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, 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 approvals and conditions,” the company release said.
On Monday, Adani Green Energy said that its subsidiary has received a Letter of Award (LOA) for 300 MW wind power project.
Adani Green Energy shares hit 5% upper circuit on winning 300 MW wind power project
Adani Renewable Energy Holding Fifteen Ltd (AREHFL) participated in the tender issued by Solar Energy Corporation of India (SECI) for setting up 1,200 MW ISTS-connected wind power project (Tranche-X) and received the Letter of Award (LOA) to set-up 300 MW wind power project under this tender, Adani Green Energy said.
The fixed tariff for this project capacity is Rs 2.77/kWh for a period of 25 years.
The stock price of Adani Green Energy has gained more than 27 percent in the last three months. It has risen more than 25 percent in 2021 YTD.
At 10:05 am, the shares of Adani Green Energy were trading 1.10 percent lower at Rs 1,297.80 apiece on the BSE as compared to a 0.81 percent loss on the benchmark Sensex.