India’s Adani Green Energy (AGE) has acquired 205MW of operating solar assets in a deal valued at $177m (Rs13bn).

The company bought the assets from Essel Green Energy (EGEPL) and Essel Infraprojects (EIL). The solar farms are located across the Indian states of Punjab, Karnataka, and Uttar Pradesh.

An AGE spokesperson said all solar facilities have long-term power purchase agreements (PPAs) in place with state electricity distribution companies.

These PPAs averagely have 21 years of lifespan remaining, making the acquired solar portfolio relatively new.

AGE managing director and CEO Vneet Jaain said: “The acquisition of this 205MW solar portfolio expands our footprint in states where we already have a presence. With our strong operational expertise, we will deliver significant value for our shareholders.

“This is another step towards taking AGE closer to its targeted footprint of 25GW of renewable power by 2025.”

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By GlobalData

The solar power portfolio will be held by Adani Renewable Energy Holding Ten, a wholly owned subsidiary of AGE. This acquisition is the first operational portfolio purchase for AGE.

The deal was first announced in August last year when the company signed a definitive agreement with Essel Group to acquire the assets.

Adani Green Energy CEO Jayant Parimal said the acquisition strengthens the company’s position as one of India’s premier renewable power producers, with a total portfolio of approximately 5.5GW.

Of the complete portfolio, approximately 2.5GW is operational, and the remaining will become operational over the next two years.