Adani Green Energy is to acquire solar assets totalling 205MW from Essel Green Energy and Essel Infraprojects.
The enterprise value of the assets, which are located in the regions of Punjab, Karnataka and Uttar Pradesh, is approximately Rs1300 crore (€155m), Adani said.
All the projects have long term power purchase agreements with an average length of 22 years with various state electricity distribution companies.
Closing of the transaction is subject to customary approvals and conditions.
Adani Green Energy chief executive Jayant Parimal said: “The acquisition of 205MW of operating solar assets strengthens Adani Green Energy’s position as one of India’s premier renewable power producers, with a total portfolio of 5.5GW, of which 2.5GW is operational, and the remaining is to be operationalised over the next two years.
“This is our first brownfield acquisition of operating assets. It expands our footprint in states where we already have a presence, and with our strong operational expertise, will deliver significant value for our shareholders.
“We remain focused on opportunities that help us create value for shareholders, as well as facilitate the growth of environment-friendly green power in India.”