Adani Green Energy has entered into a Securities Purchase Agreement for acquisition of 100% equity interest in ten Companies i.e. Essel Bagalkot Solar Energy Private, Essel Gulbarga Solar Power, Essel Urja Private, KN Bijapura Solar Energy, KN Indi Vijayapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, PN Clean Energy, PN Renewable Energy and TN Urja from Essel Green Energy and Essel Infraprojects.
The target entities comprises of 10 operating Solar PV Companies with combined capacity of 205 MWac spread across 3 states of Karnataka, Uttar Pradesh and Punjab in India. The transaction is expected to be completed by October 15, 2019. The cost of acquisition is Enterprise Value of around Rs 1,300 crore.
Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.
