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Adani Green agrees to buy 480 MW in solar assets from Essel - report

Photo by: Adani Solar (www.adanisolar.com).

December 16 (Renewables Now) - Indian company Essel Infraprojects Ltd has agreed to sell 480 MW of additional solar assets to Adani Green Energy, part of domestic conglomerate Adani Group, the Economic Times reported on Monday, citing people in the know.

Adani Green Energy bought 205 MW of operational solar assets from Essel earlier this year for INR 13 billion (USD 193.6m/EUR 176.0m). Now it has agreed in principle to acquire the remaining assets in Essel's 685-MW portfolio once they become operational, a person familiar with the matter was cited as saying.

Adani Group was not available for comment, while a spokesperson for Essel said the company was considering various proposals from interested parties, but could not reveal any details, the newspaper said.

The asset divestment is part of Essel’s efforts to lower debt and repay its lenders.

(INR 100.0 = USD 1.489/EUR 1.354)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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