The Competition Commission of India (CCI) has approved the acquisition of solar energy generation assets of Adani Green Energy Ten Ltd (AGE10L) by Adani Green Energy Twenty-Three Ltd (AGE23L) under Section 31(1) of the Competition Act 2002.
AGE23L is a joint venture jointly controlled by Total Solar Singapore Pte Ltd and Adani Green Energy Ltd. AGE23L through its subsidiaries is engaged in the business of solar power generation in India.
The assets proposed to be acquired consist of TN Urja, Essel Urja, PN Renewable Energy, PN Clean Energy, KN Indi Vijaypura Solar Energy, KN Bijapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, Essel Bagalkot Solar Energy and Essel Gulbarga Solar Power.
AGE10L is the holding company of target companies, said an official statement issued on Wednesday.
Earlier this month, AGEL announced that it has completed the acquisition of 205 megawatt operating solar assets from Essel Green Energy and Essel Infraprojects.
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long-term power purchase agreements with various state electricity distribution companies.
The portfolio is relatively young with an average remaining power purchase agreement life of nearly 21 years. The acquired assets will be held 100 per cent by AGE10L.
AGEL, a part of the Adani Group, has 14 GW of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties. It has been ranked as the number one global solar power generation asset owner by Mercom Capital.
The company aims to achieve 25 GW of renewable power by 2025 and is committed to contribute to India's Conference of Parties (COP) 21 goals.