Adani Green to acquire Essel's solar energy project

New Delhi: 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 acquisition of 100 per cent equity interest in ten companies...from Essel Green Energy and Essel Infraprojects," it said. 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.

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Free Press Journal