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<p>Adani Green Energy (<a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener noreferrer">AGEL</a>) has signed a security purchase agreement with <a href="http://www.hindustanpowerprojects.com/businesses/solar-power/" target="_blank" rel="noopener noreferrer">Hindustan Cleanenergy</a> and Peridot Power Ventures to acquire Spinel Energy and Infrastructure (SEIL)&#8217;s total share capital and securities.</p>
<p>SEIL has a 20 MW  solar project in operation in Mahoba, Uttar Pradesh. The project has a power purchase agreement (PPA) with one of the state distribution companies at a tariff of ₹7.54(~$0.10)/kWh.</p>
<p>Hindustan Cleanenergy is a 100% subsidiary of Hindustan Power Projects Private Limited (HPPPL), which is a multi-fuel-based power projects developer. The company was set up as the solar holding company of the group and to develop solar power projects.</p>
<p>Adani Green Energy acquired all share capital and securities of SEIL at an enterprise value of ₹1.33 billion (~$18.22 million) to expand its footprint in Uttar Pradesh. According to a BSE filing by Adani Green, the transaction is expected to be completed by February 2021.</p>
<p>With this acquisition, Adani Green Energy&#8217;s total renewable capacity stood at 14.81 GW, including 11.67 GW of awarded and under implementation projects.</p>
<p>According to Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, Adani Green Energy has 2.4 GW of operational solar projects and a 10 GW of solar capacity in the pipeline.</p>
<p>The company was also rated as the top solar developer in the world based on its operational, under construction, and awarded projects, according to Mercom&#8217;s <a href="https://mercomcapital.com/product/top-10-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener noreferrer">Global Large-Scale Solar PV Developers Report</a>. According to the report, the company had a portfolio of 12.3 GW of solar projects under different stages of execution.</p>
<p>Recently, Total, a French oil and gas major, has <a href="https://mercomindia.com/total-to-acquire-20-stake-in-adani-green/" target="_blank" rel="noopener noreferrer">acquired</a> a 20% minority interest in Adani Green. The two companies agreed to the acquisition of a 20% stake in AGEL for an investment worth $2.5 billion. With the 20% interest acquisition, Total would also have a position on the board of directors of Adani Green.</p>
<p>Earlier this month, Adani Solar Energy Chitrakoot One, a step-down subsidiary of Adani Green, <a href="https://mercomindia.com/daily-news-wrap-up-adani-green-2/" target="_blank" rel="noopener noreferrer">commissioned</a> a 25 MW solar power project at Chitrakoot, Uttar Pradesh. The project has a PPA with Noida Power Company at a tariff of ₹3.08(~$0.042)/kWh.</p>
<p>According to Mercom Capital&#8217;s 2020 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/2020-q4-annual-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">Report</a>, there were 231 large-scale solar project acquisitions in 2020 compared to 192 transactions in 2019. A record 39.5 GW of large-scale solar projects changed hands in 2020 compared to 26.1 GW in 2019. This was the largest amount of projects acquired in a single year to date.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Adani Green to Acquire a 20 MW Solar Project in Uttar Pradesh

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