Adani Green jumps 5% after company acquires SkyPower Global solar asset

Adani Green jumps 5% after company acquires SkyPower Global solar asset

NEW DELHI: Shares of Adani Green Energy climbed 5 per cent in Monday’s trade after the Adani group company signed definitive agreements with SkyPower Global to acquire 100 per cent stake in a special purpose vehicle (SPV) that owns 50 MW operating solar assets in Telangana.

The project was commissioned in October 2017 and has a long-term power purchase agreement (PPA) with the Southern Power Distribution Company of Telangana.

Following the development. The scrip hit its 5 per cent upper circuit limit at Rs 1,251.05 on BSE.

With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions.

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Vneet S Jaain, MD and CEO, Adani Green Energy, said in the statement, “Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”

AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with 14.9 GW of operating, under-construction and awarded projects catering to investment-grade counterparties.

The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

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