Adani Renewable Energy Holding Two Ltd (a subsidiary of Adani Green Energy Ltd) will purchase 50% of the shares in Essel Saurya Urja Company of Rajasthan Ltd from Essel Infraprojects for 15 crore rupees.
A binding term sheet has been signed by Adani Renewable Energy Holding Two Ltd and Essel Infraprojects Ltd on January 17, 2023.
The government of Rajasthan will retain the remaining 50% of the equity shares.
Essel Saurya Urja Company of Rajasthan Ltd owns and operates a 750 MW capacity solar park in Rajasthan, with a turnover of 9.87 crore rupees in 2021-2022. It has an authorized capital of 50 crore rupees and a paid-up capital of 46.56 crore rupees.
Essel Saurya Urja Company of Rajasthan Ltd develops solar parks for the purpose of building renewable energy generation plants.
This acquisition will expand Adani Green Energy’s presence in the state of Rajasthan, where the company already operates a solar park in a joint venture with the Rajasthan government called Adani Renewable Energy Park Rajasthan Ltd, established on May 27, 2015.
The acquisition is expected to be beneficial for the company’s shareholders.
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