Adani green Energy to acquire 50 MW solar asset from Toronto based SkyPower for Rs. 317 Cr

Ahmedabad : Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group has signed a definitive agreements with the Toronto-headquartered SkyPower Global for acquisition of 100% stake in ‘Surajkiran’, a special purpose vehicle (SPV) that owns 50 MW operating solar asset at Telangana.

The Rs. 317 Crore all cash transaction is expected to be completed by end of this month.

‘Surajkiran’ solar project is located in Junthula and Pansoor Village Nalgonda District in the state of Telangana, which was commissioned in October, 2017. It has a long-term Power Purchase Agreement with Southern Power Distribution Company of Telangana Limited at INR 5.37/kWh. The project was commissioned in Oct 2017 and has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.

With this acquisition, AGEL will increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW.

Surajkiran was incorporated on August 13, 2015 with an objective for generation of electricity using Renewable Energy. The company has reported a revenue of Rs.50.43 Crore in 2019-20 financial year.