Gautam Adani-led Adani Green Energy Ltd (AGEL) will buy 75 megawatt (MW) operating solar projects in Telangana from Sterling & Wilson Private Ltd for ₹446 crore.
Adani Green Energy Ltd (AGEL) has been buying solar projects in Telangana, in the backdrop of the state electricity distribution companies (discoms) not paying outstanding dues to solar power developers, as reported by Mint earlier. AGEL recently announced a buyout plan for 50 MW solar project in Telangana from Toronto-headquartered SkyPower Global.
“AGEL has signed definitive agreements with Sterling & Wilson Private Limited for the acquisition of 100% stake in two special purpose vehicles (SPVs) that own 75 MW operating solar projects at Telangana,” the Ahmedabad-based firm announced on Wednesday.
This also comes in the backdrop of Shapoorji Pallonji Group missing deadlines to repay dues to group company Sterling and Wilson Solar Ltd.
With businesses spanning across energy, ports, airports, logistics, mining, resources, gas, defence and aerospace, Adani Group has been ramping up its green energy portfolio and has been on an acquisition spree across other sectors as well.