Adani Green Energy Limited (AGEL), one of the largest renewables energy companies in India, has acquired a 100 per cent stake in two Special Purpose Vehicles (SPVs) holding 74.94 MW solar projects.

These are operating plants of Sterling & Wilson- a Shapoorji Pallonji group company, which is one of India’s largest real estate companies. The projects, commissioned in 2017, are located in Medak District of Telangana and have long-term Power Purchase Agreements(PPA) with the Southern Power Distribution Company of Telangana Limited, the company said.

The enterprise valuation of the target SPV is Rs.446 crore. AdaniGreen Energy Limited (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with 15.2GW of operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. Key customers of AGEL include the National Thermal Power Corporation (NTPC), Solar Energy Corporation of India (SECI) and various state distribution companies or discoms.

With this acquisition, AGEL will increase its operating renewable capacity to 3,470MW with a total renewable portfolio of 15,240 MW.

Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd, said: “Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project.”

The closing of the transaction is subject to customary approvals and conditions. Adani Green is listed in the Indian bourses.

Adani Group’s renewable energy portfolio has exceeded the total capacity installed by the entire United States solar industry in 2019.

According to a report by research firm Mercom, Adani’s solar portfolio is 12.32 Gwac. At the end of 2019, the United States had about 1,100,546 MW—or 1.1 billion kilowatts (kW)—of total utility-scale electricity generating capacity, according to data from US Energy Information Administration (EIA).

Further, Adani’s solar energy generation will displace 1.4 billion tons of carbon dioxide, Mercom said. Gautam Adani, Group Chairman has set target of 25 GWac of renewable power in installed generation capacity by 2025. India has set a renewable energy target of 175 GW by 2022.