Adani Green Energy arm will acquire 50% in Essel Saurya Urja Company of Rajasthan Ltd. from Essel Infraprojects Ltd. for Rs 15 crore.
Adani Renewable Energy Holding Two Ltd. has entered into a binding term sheet with Essel Infraprojects Ltd on Jan. 17 to this effect, Adani Green Energy said in a regulatory filing.
The remaining 50% will continue to be held by the government of Rajasthan.
ESUCRL owns and operates a solar park with 750 MW capacity in Rajasthan. It had a turnover of Rs 9.87 crore in 2021-22. The authorised capital of ESUCRL is Rs 50 crore while the paid up capital is Rs 46.56 crore.
ESUCRL develops solar parks to enable setting up renewable energy generation plants by developers.
The acquisition will expand Adani Green's footprint in the state where Adani Green already owns and operates a solar park in a joint venture with the Rajasthan government -- Adani Renewable Energy Park Rajasthan Ltd. It was incorporated on May 27, 2015.
The acquisition is expected to be value accretive to the company's shareholders, Adani Green said.
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