Adani Green Energy arm said it will buy 50% of Essel Saurya Urja Company of Rajasthan Ltd from Essel Infraprojects for Rs 15 crore.Adani Green Energy’s renewable arm, Adani Renewable Energy Holding Two Ltd, announced in a regulatory filing that it has entered into a binding term sheet with Essel Infraprojects Ltd on January 17, 2023.
The acquisition is for Rs. 15 crore in cash. The Rajasthan government will continue to hold the remaining 50% of the equity shares. “Adani Renewable Energy Holding Two Limited, a Wholly-owned Subsidiary of Adani Green Energy Limited, has entered into a binding term sheet for the acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan Limited (“ESUCRL”) from Seller,” according to the company’s regulatory filing.
ESUCRL owns and operates a 750 MW solar park in Rajasthan. In 2021-22, it had a revenue of 9.87 crore. ESUCRL has a paid-up capital of 46.56 crore and an authorized capital of 50 crore. ESUCRL creates solar parks to allow developers to build renewable energy generation plants. The acquisition will broaden AGEL’s presence in Rajasthan, where Adani Green Energy Ltd (AGEL) already owns and operates a solar park in a joint venture with the Rajasthan government called Adani Renewable Energy Park Rajasthan Ltd.