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<keyword id="4543956" type="PERSON" weightage="20" keywordseo="adani-green-energy-limited">Adani Green Energy Limited</keyword> (AGEL) on Saturday announced that it has signed a share purchase agreement for acquisition of 100 per cent stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global. The project is located in Telangana and was commissioned in October 2017 and has a long-term <keyword id="511035" type="COMPANY" weightage="20" keywordseo="power-purchase-agreement">Power Purchase Agreement</keyword> (PPA) with the Southern Power Distribution Company in the state. With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions. Vneet S. Jaain, MD &amp; CEO, <keyword id="3828442" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy-Ltd">Adani Green Energy Ltd</keyword>, said: "Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project." <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy Limited (AGEL) is part of <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>, and has one of the largest global renewable portfolios with 14.9 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/easemytrip-ipo-listing-price-at-13-5-premium/articleshow/81581828.cms">EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-specs-oneplus-9e-specs-and-price-leak-and-oneplus-9-series-launch-date/articleshow/81168227.cms">OnePlus 9 series specifications and features leaked – here's everything we know about the upcoming OnePlus smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-review-of-moto-g10-power-mobile-phone-review-and-features-information/articleshow/81583548.cms">Moto G10 Power mobile review – big battery on a shoestring budget</a> <a href="https://www.businessinsider.in/stock-market/news/future-retail-shares-take-a-massive-hit-as-it-loses-the-case-against-amazon-in-delhi-high-court/articleshow/81583165.cms">Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court</a>

Adani Green Energy to acquire 50 MW Solar Asset from SkyPower Global

The US solar giant <keyword id="535297" type="COMPANY" weightage="20" keywordseo="SunEdison">SunEdison</keyword> is already looking to offload equity in <a href="http://www.businessinsider.in/searchresult.cms?query=solar+projects&amp;sortorder=effectivedate">solar projects</a> in India and now Canada-based <keyword id="3076791" type="UNKNOWN" weightage="20" keywordseo="SkyPower-Global">SkyPower Global</keyword> has also hinted at similar plans. 
 
SkyPower Global had bagged contracts to establish plants of 150 MW in Madhya Pradesh last July and now is looking to offload equity. 
 
SkyPower Global's Mauritian and South East Asia Holding Ltd had won bids to set up three solar plants in Madhya Pradesh at tariffs of Rs 5.05, Rs 5.11and Rs 5.30 per kwH. 
 
READ ALSO: <a href="http://www.businessinsider.in/SunEdisons-fall-in-India-eclipses-Modis-solar-energy-plans/articleshow/51724142.cms">SunEdison’s fall in India eclipses Modi's solar energy plans</a> 
 
Now, the solar prices have tumbled but the tariffs are still the same, which were lower at the time of awarding contracts. 
 "I was always apprehensive about this bid in MP. The attitude and actions of SkyPower never seemed to suggest it was serious. Usually, companies visit the site before bidding and do plenty of preparatory work, which seemed to be missing in this case," a senior official associated with the ministry of new and <keyword id="34553" type="ORGANIZATION" weightage="20" keywordseo="renewable-energy">renewable energy</keyword> told ET. 
 
The state government had floated tenders for a total of 312 MW of solar power projects. 
 
(Image: Thinkstock)

After SunEdison, this Canadian solar power firm is also looking to exit India

<ul><li>Shares of <keyword id="4343578" type="PERSON" weightage="20" keywordseo="Adani-Green">Adani Green</keyword> Energy hit the upper circuit on March 22 even as the market was down by over 50 points.</li><li>The company’s shares have rallied upwards by over 67% since October 2020, and by over 700% in the last one year.</li><li>Adani Green Energy currently has a total renewal energy capacity of 15,165 megawatts.</li></ul>Adani Green Energy shares have resumed their upward journey after the company added two new renewable energy projects to its kitty. The two projects together add 350-megawatt to the company’s power generation capacity, taking the total capacity to 15,165 megawatts. Shares of Adani Green Energy were locked in the upper circuit at ₹1,252 per share, gaining ₹59.60 over the previous closing price. This translates to a gain of 5%. Upper circuit refers to the maximum price that a stock is allowed to move upward in a day. <div type="image" title="Adani Green Energy" msid="81627594" hostid="261" caption="&amp;lt;p&amp;gt;Adani Green Energy share price&amp;lt;/p&amp;gt;"></div> Adani Green Energy’s shares have jumped over 67% since October, 2020. While this rally is impressive, it pales in comparison to the steep 700% jump over the last one year. In the same time, the benchmark Nifty50 index rose by a mere 93%. <cmsannotation type="cmsannotation" annotationid="Why are shares of Adani Green Energy rallying?" comment="subhead" text="Why are shares of Adani Green Energy rallying?">Why are shares of Adani Green Energy rallying?</cmsannotation> Adani Green Energy has added a total of 350-megawatt renewable energy capacity recently. The first one was due to the <a href="https://www.businessinsider.in/business/news/adani-green-energy-to-acquire-50-mw-solar-asset-from-skypower-global/articleshow/81600875.cms">acquisition</a> of 100% stake in Toronto-based SkyPower Global’s 50-megawatt solar power project. Apart from this, the company also won a 300-megawatt wind power project from Solar Energy Corporation of India (SECI). The project term is 25 years and the price has been fixed at ₹2.77 per kilo-watt hour. Thanks to the addition of 350-megawatt projects, Adani Green Energy’s total renewable energy capacity now stands at 15,165 megawatts. Of this, projects of 3,395-megawatt capacity are already operational while the remaining 11,770-megawatt projects are under implementation, according to the company’s press release. According to a report by Macquarie Research, Adani Green Energy has more than tripled its operational capacity over the past four years – from a little under 1 gigawatts to nearly 3.4 gigawatts. The company has announced plans to boost this capacity to 6.3 gigawatts by financial year 2022, and to 25 gigawatts by financial year 2025. 1 gigawatt equals 1,000 megawatts. “Given the government’s ambitious target to reach 175GW of renewable capacity by 2022 and 400GW by 2030, AGEL (Adani Green Energy Ltd) is favourably placed to tap into this mega opportunity,” stated a report by Edelweiss Research, highlighting the favourable position of the company. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/airtel-vodafone-idea-adani-green-and-other-stocks-to-watch-out-for-on-march-22/slidelist/81624721.cms">Airtel, Vodafone Idea, Adani Green and other stocks to watch out for on March 22</a> <a href="https://www.businessinsider.in/business/news/adani-green-energy-to-acquire-50-mw-solar-asset-from-skypower-global/articleshow/81600875.cms">Adani Green Energy to acquire 50 MW Solar Asset from SkyPower Global</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-beats-elon-musk-jeff-bezos-and-mukesh-ambani-in-2021-with-highest-increase-in-net-worth/shares-of-all-adani-group-companies-except-one-have-rallied-at-least-50-in-2021/videoshow/81467466.cms">Shares of all Adani group companies, except one, have rallied at least 50 per cent in 2021</a>

Adani Green Energy shares hit upper circuit after the company adds two renewable energy projects to its kitty

<ul><li>The acquisition of <keyword id="11281609" type="COMPANY" weightage="20" keywordseo="sb-energy-india">SB Energy India</keyword> will help <keyword id="4343578" type="PERSON" weightage="20" keywordseo="Adani-Green">Adani Green</keyword> achieve its 25W renewable energy target 4 years ahead of schedule. </li><li>This deal, which puts SB Energy India’s enterprise value at ₹26,000 crore ($3.5 billion), is the largest acquisition in the renewable energy sector in India. </li><li>In response, the company’s shares hit the upper circuit as of 9:30 am, extending the rally over the last few days. </li></ul><keyword id="3179546" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy">Adani Green Energy</keyword> announced that it will acquire SB Energy India in a deal that values the company at ₹26,000 crore ($3.5 billion). The acquisition will help <keyword id="76451" type="COMPANY" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy inch closer to its target of 25GW renewable energy capacity, giving it a boost of 4.9GW. “Adani Green has signed definitive agreements for 100% acquisition of SB Energy Holdings Limited. SB Energy India is a joint venture between Japan-based SoftBank Group Corp (80%) and Bharti Group (20%) and houses 4,954 MW of renewable assets in India,” the company said in an exchange filing. Shares of the company hit the upper circuit as of 9:30 am, on Wednesday, up by ₹60 compared to the closing price on May 18. Over the last one year, Adani Green’s share price has gone up by over 5 times, taking the company’s total market capitalisation to nearly ₹2 lakh crore as of May 19. <div type="image" title="Adani Green 20_05_20 to 19_05_21." msid="82759553" hostid="261" caption="&amp;lt;p&amp;gt;Adani Green share price&amp;lt;/p&amp;gt;"></div> Adani Green had outlined its plans to achieve 25GW of renewable energy capacity by 2025, by building out its own capacities and acquiring other companies. Now, with this acquisition, the company has almost achieved its target 4 years early – it has a total renewable energy capacity portfolio of 24.3GW right now, just 0.7GW short of its 2025 target. 1 gigawatt equals 1000 megawatts. Adani Green has a mix of solar, wind and hybrid power projects across the country. Earlier this year, it acquired multiple renewable energy projects to its kitty, boosting its capacity by 475 megawatts. “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030,” said Gautam Adani, the chairman of Adani Group. Adani Green’s current operating renewable energy capacity is 4.9GW. SoftBank’s Chief Executive Officer, Masayoshi Son, said, “As the SoftBank Group continues the transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India’s growth.” Bharti Enterprises, led by Sunil Bharti Mittal, was also a part of the negotiations. “I am glad that Bharti could play a constructive role in partnership with SoftBank,” Mittal added. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-share-price-hit-upper-circuit-after-the-company-adds-two-renewable-energy-projects-to-its-kitty/articleshow/81627604.cms">Adani Green Energy shares hit upper circuit after the company adds two renewable energy projects to its kitty</a> <a href="https://www.businessinsider.in/business/news/adani-green-boosts-its-renewable-energy-capacity-with-acquisition-of-74-94-mw-projects-from-sterling-wilson/articleshow/81664384.cms">Adani Green boosts its renewable energy capacity with acquisition of 74.94 MW projects from Sterling &amp; Wilson</a> <a href="https://www.businessinsider.in/business/news/adani-green-energy-to-acquire-50-mw-solar-asset-from-skypower-global/articleshow/81600875.cms">Adani Green Energy to acquire 50 MW Solar Asset from SkyPower Global</a>

You Searched For "SkyPower Global" and got 4 results

Adani Green Energy to acquire 50 MW Solar Asset from SkyPower Global

IANS

After SunEdison, this Canadian solar power firm is also looking to exit India

BI India Bureau

Adani Green Energy shares hit upper circuit after the company adds two renewable energy projects to its kitty

Rounak Jain

Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW

Rounak Jain

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