Adani Green to Acquire 50% Stake in Rajasthan-based Solar Park Developer

The acquisition to expand AGEL’s footprint in Rajasthan


Adani Renewable Energy Two, a wholly-owned subsidiary of Adani Green Energy (AGEL), said it has signed a binding agreement to buy 50% equity interest in Essel Saurya Urja Company of Rajasthan (ESUCRL).

AGEL said that ESUCRL owns and operates a 750 MW solar park in Rajasthan, and the acquisition will expand its footprint in the state.

ESUCRL was incorporated in May 2015 and the company’s turnover for the financial year 2021-22 stood at ₹98.8 million (~1.2 million). It has an authorized capital of ₹500 million (~$6.1 million).

Further, AGEL said it already owns and operates Adani Renewable Energy Park Rajasthan set up in a joint venture with the state government.

“The acquisition is expected to be value accretive to our shareholders. The estimated cost to be borne by AGEL’s subsidiary for the acquisition is ₹150 million (~$1.8 million),” the company said in a BSE filing.

The state government will hold the remaining 50% of the equity shares.

The transaction is likely to be completed by February 28, 2023.

In December 2022, AGEL said that its hybrid power generation capacity reached 1,440 MW with the company commissioning its third wind-solar hybrid power plant of 450 MW in Jaisalmer, Rajasthan. Adani Green inked power purchase agreements with the Solar Energy Corporation of India at a tariff of ₹2.67 (~$0.032)/kWh for a tenure of 25 years.

Also in December, Adani Enterprises emerged to be the only company to commence the construction of a polysilicon and monosilane production unit to be set up in Gujarat’s Mundra. Engineers India, the state-owned construction, and engineering firm secured the order to provide owner’s engineer services for 30,000 MTPA polysilicon and 500 MTPA monosilane project from Mundra Solar Technology which is Adani’s group company.

According to Mercom’s India Solar Market Leaderboard 1H 2022, Adani Solar was one of the top five leading module suppliers and utility-scale solar developers in the Indian solar market during the first half of 2022.