Adani Energy Acquires Kodangal Solar Parks
Adani Green Energy Limited has acquired balance 51% Equity Share Capital of Kodangal Solar Parks Private Limited (KSPPL) from FS India Devco Private Limited on 11th January 2019. With this acquisition, Kodangal Solar Parks Private Limited has become Wholly-owned Subsidiary of the Company. KSPPL stake is acquired with an object of consolidating the Company's interest in KSPPL and within the overall objective of the Company.
KSPPL was incorporated in August 2015 and has set up 20 MWac Solar Power Project at Bagewadi, Karnataka. KSPPL has Power Purchase Agreement ("PPA") with Bangalore Electricity Supply Company Limited. The fixed PPA tariff is Rs. 5.48/kWh for a period of 25 years. The Project was commissioned on 6th January 2018. The Company has a portfolio of renewable generation capacity of 4.15 GWac with 1.96 GWac operational projects and balance 2.19 GWac in the development stage,