Renewable company, Adani Green Energy Limited (AGEL), signed a share purchase agreement for acquisition of 100 per cent stake in a special purpose vehicle (SPV) of the Toronto-headquartered SkyPower Global. This acquisition is subject to customary approvals and conditions.
The special purpose vehicle (SPV) owns 50 MW operating solar assets in Telangana.
The project was commissioned in October 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.
With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW.
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. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”
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