Adani Green Energy Limited (AGEL) said it has completed the acquisition of 205 MW of operational solar assets in Punjab, Karnataka, and Uttar Pradesh from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL).

All the solar assets have long-term power purchase agreements (PPAs) with state electricity distribution companies (DISCOMs) and have an average remaining PPA lifespan of about 21 years, the company said in its BSE filing.

The assets will be fully owned by Adani Renewable Energy Holding Ten Limited, a 100% subsidiary of Adani Green, it added, noting that this acquisition marked its first acquisition of an operational portfolio.

The company had signed an agreement with the Essel Group to acquire these projects back in August 2019. The assets were valued at about ₹13 billion (~$176.7 million).

“The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders. This is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025,” said Vneet Jaain, Managing Director and Chief Executive of AGEL.

Adani Green Energy was the top solar developer in the world with a portfolio of 12.3 GW of operational, under-construction, and awarded projects, according to Mercom Capital Group’s recent report revealing the top 10 global large-scale solar PV developers. It also showed that the company had the largest portfolio of under construction and awarded capacity, with 10.1 GW of projects.

More recently, AGEL posted a 10% year-on-year increase in its revenue in the first quarter of the financial year 2020-2021. The company’s earnings before interest taxes depreciation amortization (EBITDA) from the power supply had also grown by 12% YoY, respectively, due to added capacities, steady solar capacity utilization factor, and improved wind CUF.

According to Mercom’s India Solar Project Tracker, AGEL has about 2.44 GW of solar projects in operation and about 10.1 GW under development as of June 30, 2020.