India’s Adani Green Energy To Buy 300 Megawatts of Operational Solar Projects

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Continuing its aggressive growth, one of India’s leading renewable energy companies — Adani Green Energy — has plans to acquire two large-scale solar power projects.

According to media reports, Adani Green Energy is looking to acquire a 250-megawatt solar power project from another Indian private renewable energy developer. The project is located in the northern state of Rajasthan and was commissioned by Hero Future Energies. The project has a long-term power purchase agreement with the Solar Energy Corporation of India at a tariff of Rs 2.53 (3.49¢) per kilowatt-hour. The transaction will reportedly be valued at around Rs 10 billion.

Hero Future Energies recently sold another 250-megawatt solar power project in Rajasthan to another project developer — O2 Power.

In a separate development, Adani announced that it will acquire a 75-megawatt solar power project in the southern state of Telangana. The project is owned by Sterling & Wilson, an EPC company. The project was commissioned in 2017 and has a long-term power purchase agreement with power distribution utilities of Telangana.

Adani has also acquired a 50-megawatt project in Telangana. The project was previously owned and commissioned by Toronto-based SkyPower Global. The Canadian firm was awarded this project through competitive auction and has a long-term power purchase agreement with the state’s power distribution utility.

With the acquisitions in Telangana, Adani has increased its operational renewable energy capacity to nearly 3.4 gigawatts with an additional 15.2 gigawatts at various stages of development.

Last year, Adani was involved in the largest-ever renewable energy transaction in India. French energy giant Total acquired a 20% stake in Adani Green Energy and a 50% stake in 2.35 gigawatts of operational assets of the company in a $2.5 billion deal.

Featured image courtesy of Adani Green Energy