Adani Green Energy Ltd Gains Headway In The Market After Solar Power Plant Agreement With Essel Green Energy Pvt Ltd

Adani Green Energy Ltd (AGEL) is set to acquire a solar project from Essel Green which functions at over 40 megawatt (MW) at a whopping value of Rs 219 crore. This initiative is expected to increase the total operational capacity of AGEL to 5.4 gigawatt (GW) along with an overall portfolio of up to 19.8 GW. Prior to this, in May 2020, AGEL also purchased SB Energy India, a solar power producer, which was in possession of Bharti Enterprises Ltd and Japan’s SoftBank Group Corp’ before. This firm has its portfolio spread across four states and accounts for over 4.954 GW.

The Odisha-based solar power plant benefitted Adani by providing them with a 100% economic value. The company also currently holds an agreement known as the Power Purchase Agreement from the Solar Energy Corporation of India, which gives AGEL the possession of the plant for 22 years at a cost of Rs 4.235 per unit. As a result of these efforts, India’s solar and wind generation capacity rose to over 43.1 GW in July and the country has also achieved a milestone of installing 100 GW of renewable energy producers all over. 

AGEL’s MD and CEO, Vineet Jain spoke about the company’s blueprints for the future stating that, “The acquisition of 205 MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders. This is another step towards taking AGEL closer to its targeted footprint of 25 GW of renewable power by 2025.” As of today Adani Green Energy Ltd (AGEL) finds the presence of its assets in several major states of the country such as Uttar Pradesh, Karnataka, and Punjab. 

Renewable power is extremely important for the betterment of not only the country but for nature as well. This has led to companies and government making note of this. The Government of India has also proposed to invest in 175 GW of renewable energy out of which 100 GW is solely dedicated to solar power. Resultantly, Adani Green aims to go beyond its abilities and invest in making renewable energy more accessible. Currently, over 5.5 GW of their portfolio are almost functional due to which Adani Green Energy is set to make India a majorly solar powered nation by 2022.

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