Adani Green buys into owner of 750-MW solar farm in Rajasthan

India’s Adani Green Energy Ltd (BOM:541450) has agreed to acquire a 50% stake in a domestic company that owns and operates a 750-MW solar park in the state of Rajasthan.

The renewable power producer has signed a binding term sheet to purchase 50% of Essel Saurya Urja Company of Rajasthan Ltd (ESUCRL) from Essel Infraprojects Ltd in a deal worth INR 150 million (USD 1.8m/EUR 1.7m). The vendor is the infrastructure and utilities arm of Indian conglomerate Essel Group.

Following the transaction, the remaining 50% stake in ESUCRL will continue to be owned by the government of Rajasthan.

The deal is expected to be finalised by February 28, with its closing being subject to regulatory clearance. According to Adani Green, it will expand its foothold in Rajasthan, where the company already owns a solar park through a joint venture with the local government.

In December 2022, Adani Green said its total operational renewable generation capacity has expanded to 7.17 GW.

(INR 10 = USD 0.123/EUR 0.113)

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