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Ad Green Energy Limited (AGEL), one of the largest renewables compes in India, on Wednesday announced that it has signed a share purchase agreement for the acquisition of a 100 per cent stake in two SPVs holding 75 MW operating solar projects of Sterling & Wilson Private Limited, a Shapoorji Pallonji group company."Strengthening our portfolio through orgc and inorgc 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," said Vneet S Jaain, MD and CEO, Ad Green Energy Ltd.He also added the company will leverage the strength of the platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project."The projects, commissioned in 2017, are located in Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana," read a statement by the company.The enterprise valuation of the two target SPVs is Rs 446 crores."With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW. The closing of the transaction is subject to customary conditions," the statement added.Ad Green Energy Limited (AGEL), a part of India-based Ad Group, has one of the largest global renewable portfolios with 15.2 GW 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 discoms.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Sterling & wilson private limited, Latest News

Business :Adani Green Energy to acquire 75 MW operating solar projects from Sterling & Wilson for Rs 446 cr

Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, on Wednesday announced that it has signed a share purchase agreement for the acquisition of a 100 per cent stake in two SPVs holding 75 MW operating solar projects o ...