Adani Renewable Energy Holding Two Ltd, a division of Adani Green Energy, would pay Rs 15 crore to Essel Infraprojects to purchase 50% of the ownership in Essel Saurya Urja Company of Rajasthan Ltd.
According to a regulatory filing from Adani Green Energy, Adani Renewable Energy Holding Two Ltd (ESUCRL) and Essel Infraprojects Ltd engaged in a legally binding term sheet on January 17, 2023. The Rajasthani government would continue to hold the remaining 50% of the equity shares.
To facilitate the installation of renewable energy-producing plants by developers, ESUCRL constructs solar parks. In Rajasthan, ESUCRL is the owner and operator of a solar park with a 750 MW capacity. In 2021–2022, it generated a revenue of Rs 9.87 crore. ESUCRL has a 50 crore authorized capital and 46.56 crore rupee paid-up money.
The purchase will increase AGEL’s presence in Rajasthan, where it already owns and manages a solar park through a joint venture with the Rajasthani government called Adani Renewable Energy Park Rajasthan Ltd. It was founded on May 27, 2015.
