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Total has announced the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group.
The transaction marks the deepening partnership between the Adani Group – India’s leading infrastructure platform – and Total, in the transition and green energy fields in India. The investment in AGEL is another step in the strategic alliance between the companies, which covers investments in LNG terminals, gas utility business, and renewable assets across India. This is in-line with the commitment of both Adani and Total to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.
Movers & Shakers | Top 10 stocks that moved the most last week
Experts feel the volatility will continue in the coming truncated week as we are moving closer to Budget and expiry of January derivative contracts. January 24, 2021 / 10:25 AM IST The BSE Sensex fell 156.13 points to 48,878.54 and the Nifty50 lost 61.80 points at 14,371.90, while the broader markets underperformed frontliners for the second consecutive week. Experts feel the volatility will continue in the coming truncated week as we are moving closer to Budget and expiry of January derivative contracts. Bajaj Auto | The stock gained over 14 percent after the two-wheeler manufacturer, clocked its highest ever standalone profit at Rs 1,556.3 crore in December 2020, rising 23.4 percent compared to the year-ago period, driven by volume growth and operating performance. Its revenue increased by 16.6 percent year-on-year to Rs 8,910 crore, which was also the highest for a quarter. Volumes grew by 9 percent YoY
Adani Green Energy Signs Agreement to Acquire 20 MW Operating Solar Asset for INR 133 cr
Posted On: 2021-01-23 05:22:37 (Time Zone: Arizona, USA)
Adani Green Energy Limited (AGEL), signed a securities purchase agreement for acquisition of 20 MW operating solar project of Hindustan Powerprojects Pvt. Ltd on Friday, January 22, 2021. The project is located in Mahoba, Uttar Pradesh and was commissioned in October 2017. It has a long term Power Purchase Agreement (PPA) with UP state discom.
The closing of the transaction is subject to customary approvals and conditions. The acquisition is being done at an enterprise valuation of INR 133 crore. With this acquisition, AGEL will have operating renewable capacity of 3,145 MW and total renewable portfolio of 14,815 MW. It is noteworthy that AGEL s current operational capacity in Uttar Pradesh is 375 MW.
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Adani Solar Energy Kutchh One Limited (Adani Solar Energy), a subsidiary of Adani Green Energy Limited (AGEL), has commissioned a 150 MWac solar power project. Despite all the challenges of global pandemic and unprecedented rain and flood in Kutchh, Gujarat, India, the team of experts made it possible to commission the project three months prior to its scheduled commissioning date.
This plant has a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) at Rs.2.67/kWh for a period of 25 years. With this commissioning, AGEL’s total operational renewable capacity grows to 3125 MW.
The plant will be connected to the Energy Network Operation Centre that continuously monitors and analyses performance of 80+ solar and wind plants across diverse locations in India.