Essel Group has struck a INR 1,300 crore ($181.5 million) deal with Adani Green Energy for the sale of Essel’s 205-megawatt operational solar energy portfolio, according to several media sources.
The assets are located in Punjab, Karnataka and Uttar Pradesh and come with long-term PPA’s with state-owned power distribution companies, according to Mint.
Earlier this month, the two companies had reached the final stage of negotiations for the sale, which was then valued at INR 2,000 crore ($281 million). The deal encompasses part of Essel’s 310-megawatt operational portfolio. The remaining 375 megawatts of the company’s 685-megawatt solar energy portfolio are under construction.
The deal marks Essel’s third sale, which the company is using to pay back debt on some of its assets, according to Mint.
The company had previously reached advanced talks for the sale first with Greenko and later with Actis for INR 4,700 crore ($662 million) in 2018. In February, Essel was exploring a potential deal with ACME Solar Holdings. All of the deals fell through, however.
