India's Adani Green discusses buying 250-MW solar project - report

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

March 2 (Renewables Now) - Adani Green Energy Ltd (BOM:541450), or AGEL, is holding advanced talks to buy a 250-MW solar project in the Indian state of Rajasthan from Hero Future Energies Pvt Ltd (HFE), the Economic Times reports.

Two people aware of the development have told the newspaper that AGEL is targeting the 25-year power purchase agreement (PPA) awarded to the project in Jodhpur at INR 2.53 (USD 0.034/EUR 0.029) per kWh. One of the insiders has said that AGEL would pay some INR 40 million per MW.

A couple of days earlier, newspaper Mint quoted its own sources when reporting that HFE had sold to local renewables platform O2 Power a 49% stake in the special purpose vehicle (SPV) building a 250-MW solar park in the same state. The SPV, called Clean Solar Power Bhainsada, has a 25-year PPA with state-run Solar Energy Corporation of India (SECI) at a tariff of INR 2.53/kWh, the report adds.

Mint also noted that HSBC was helping HFE sell 500 MW of pre-construction assets, including the above-mentioned project.

(INR 10 = USD 0.136/EUR 0.113)

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