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AGEL acquires Spinel Energy & Infrastructure

New Delhi, Mar 27 Adani Green Energy has acquired 100 per cent equity stake in Spinel Energy and Infrastructure from Hindustan Cleanenergy and Peri..

March 27, 2021 / 10:13 PM IST
Adani Green Energy. | Representative Image

Adani Green Energy. | Representative Image

Adani Green Energy has acquired 100 per cent equity stake in Spinel Energy and Infrastructure from Hindustan Clean energy and Peridot Power Ventures. "Adani Green Energy Ltd (AGEL) has completed acquisition of 100 per cent of the share capital and all the securities of Spinel Energy & Infrastructure Ltd from Hindustan Clean energy Limited and Peridot Power Ventures Ltd," a BSE filing said.

This acquisition is part of AGEL's overall growth strategy where the company is planning to build a capacity of 25 GW by 2025. While acquisitions of existing infrastructure would help it grow inorganically, AGEL 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.

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AGEL's present capacity includes power plants worth 15,240 MW in 86 locations, spread over 11 states in the country. The company also recently announced acquisition of a 75 MW solar power project from Sterling & Wilson — a company — at the cost of Rs 446 crore in Telangana.
PTI

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