Adani Green Energy Ltd on Monday said it has acquired three entities from Inox Green Energy Services Limited (IGESL) each holding 50 MW operational wind power projects at Dayapar in Gujarat.
IGESL is a subsidiary of Inox Wind. The three special-purpose vehicles acquired by Adani Green Energy are Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL).
Adani Green and Inox Wind separately informed the stock exchanges about the transaction that was settled in cash.
“The acquisition is expected to be value accretive to our shareholders,” Adani Green said.
“The company’s subsidiary, Inox Green Energy Services Ltd (IGESL), has sold its entire 100% shareholding in WORL, WTRL and WFRL at a cash consideration of ₹1.00 Lakh each,” Inox Wind said in a filing.
Inox Wind had in 2019 won 250 MW in SECI Tranche 1 auction at a fixed tariff of ₹3.46 per unit for 25 years for sale to PTC India.
“IGESL shall provide long-term operations and maintenance services for these projects,” an official statement said.
The three SPVs had a combined turnover of ₹121 crore in FY22 (WORL ₹42.3 cr, WTRL ₹42.2 cr and WFRL ₹36.5 cr) Adani Greens said in its stock exchange filing.
