Adani Green Energy (AGEL), has said it is set to acquire 75 megawatt (MW) operating solar projects of Sterling & Wilson, a Shapoorji Pallonji group company, for Rs 4.46 billion.
It added that AGEL has signed definitive agreements with Sterling & Wilson for the acquisition of 100 per cent stake in two special purpose vehicles (SPVs) that own 75 MW operating solar projects at Telangana.
According to the company press release, the projects were commissioned in 2017. "Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of our aim to build a capacity of 25 GW by 2025,” said Vineet S Jaain, MD & CEO, Adani Green.
With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW.
Last week, AGEL had announced that was set to acquire 50 MW solar asset in Telangana from Toronto-headquartered SkyPower Global. The firm had said that it has signed definitive agreements with SkyPower to acquire 100 per cent stake in a SPV.
