Adani Green Energy arm Adani Renewable Energy Holding Two Ltd will acquire 50 per cent equity in Essel Saurya Urja Company of Rajasthan Ltd from Essel Infraprojects for Rs 15 crore. Adani Renewable Energy Holding Two Ltd (ESUCRL) has
entered into a binding term sheet with Essel Infraprojects Ltd on January 17, 2023 to this effect, Adani Green Energy said in a regulatory filing.The remaining 50 per cent of the equity shares will continue to be held by the government of Rajasthan. ESUCRL owns and operates a solar park with 750 MW capacity in Rajasthan. It had a turnover of Rs 9.87 crore in 2021-22. The authorised capital of ESUCRL is Rs 50 crore while the paid up capital is Rs 46.56 crore.
To facilitate the installation of renewable energy producing plants by developers, ESUCRL constructs solar parks. The acquisition will increase AGEL's presence in Rajasthan, where it already owns and manages a solar park through a joint venture with the state's government called Adani Renewable Energy Park Rajasthan Ltd. It was founded on May 27, 2015. According to the statement, the acquisition will provide value for the company's stockholders.
