AGEL completes acquisition of Spinel Energy & Infrastructure

Adani Green Energy Limited (AGEL) on Saturday, March 27, 2021, announced that it has completed the acquisition of 100 per cent share capital of all the securities of Spinel Energy & Infrastructure Limited. It has acquired the equity stakes in Spinel Energy from Hindustan Clean energy Limited and Peridot Power Ventures Limited.

Adani Green Energy Limited in a regulatory filing said, "Adani Green Energy Limited has completed the acquisition of 100 per cent of the share capital and all the securities of Spinel Energy & Infrastructure Limited from Hindustan Cleanenergy Limited and Peridot Power Ventures Limited."

The acquisition is part of AGEL's overall growth strategy where the company is planning to build a capacity of 25 GW by 2025. This acquisition will help the company to grow inorganically, as the company is expanding organically too by establishing greenfield power plants. This particular acquisition will help it add 20 MW additionally in its existing capacity and help in expanding its network and meet the targeted decarbonisation plan for a greener environment.

AGEL's present capacity includes power plants worth 15,240 MW in 86 locations, spread over 11 states in the country.

Earlier on Friday, March 26, 2021, Adani Green Energy also completed the acquisition of 100 per cent of share capital and all the securities of Surajkiran Solar Technologies Private Limited and Dinkar Technologies Private Limited from Sterling and Wilson Private Limited. It acquired a 75 MW solar power project from Sterling & Wilson at Rs 446 crore in Telangana.