Adani Green Energy Limited (AGEL) has announced that it will acquire 75 MW of operational solar assets in Telangana from Sterling and Wilson, a Shapoorji Pallonji Group subsidiary, for ₹4.46 billion (~$61.45 million).

AGEL said that it signed definitive agreements with Sterling and Wilson to acquire 100% of two special purpose vehicles that own the solar projects. The projects were commissioned in 2017 and had long-term power purchase agreements with the Southern Power Distribution Company of Telangana (TSSPDCL).

The Gujarat-based renewable power developer said that with this acquisition, its renewable operating portfolio stood at 3.47 GW, with a total portfolio of 15.24 GW.

“Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of 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,” said Vneet S. Jaain, Managing Director and Chief Executive Officer, Adani Green Energy said.

The enterprise valuation of the two SPVs stands at ₹4.46 billion (~$61.45 million). According to a BSE filing by Sterling and Wilson, Sterling and Wilson would receive net sale consideration of about ₹2.5 billion (~$34.45 million). The net sale proceeds from this will be used to repay part of its outstanding loans, it said.

Recently, Adani Green Energy said that it had signed a share purchase agreement to acquire a 100% stake in a special purpose vehicle holding a 50 MW operating solar project of the Toronto-headquartered SkyPower Global.

Earlier, Mercom reported that AGEL had received a letter of award for a 300 MW wind energy project. It had won the project in the Solar Energy Corporation of India’s (SECI) auction for 1.2 GW of interstate transmission system connected wind power projects (Tranche-X). The project’s tariff was set at ₹2.77 (~$0.038)/kWh for 25 years.