Adani Green Energy Acquires 75 MW Solar Capacities From Sterling & Wilson
Men walk past solar panels on the roof of a plant in Uttar Pradesh, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

Adani Green Energy Acquires 75 MW Solar Capacities From Sterling & Wilson

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Adani Green Energy Ltd. on Friday said it has acquired 100% stake in two special purpose vehicles that own 75 megawatt operating solar projects in Telangana from Sterling & Wilson.

The projects, commissioned in 2017, have long-term power purchase agreements with the Southern Power Distribution Company of Telangana.

"Adani Green Energy Limited has completed acquisition of 100% of the share capital and all the securities of Surajkiran Solar Technologies Private Limited and Dinkar Technologies Private Limited from Sterling and Wilson Private Limited," it said in a BSE filing.

Earlier this week, Adani Green Energy Ltd had signed definitive agreements with Sterling & Wilson, a Shapoorji Pallonji group company, for the acquisition.

The enterprise valuation of the two target SPVs is Rs 446 crore, the company had said.

Also read: World’s Biggest Wealth Surge Marks Rise of Billionaire Adani

With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, it had said.

Vineet S Jain, MD and CEO, Adani Green Energy Ltd, had said, "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."

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