Adani Green Energy acquires remaining 51% stake in Kodangal Solar Parks

KSPPL has a Power Purchase Agreement (PPA) with Bangalore Electricity Supply Company Ltd. The fixed PPA tariff is Rs5.48/kWh for a period of 25 years.

Jan 12, 2019 02:01 IST India Infoline News Service

Adani Green Energy
Adani Green Energy (AGE) on Saturday said that it has acquired the remaining 51% equity share capital of Kodangal Solar Parks Pvt Ltd (KSPPL) from FS India Devco Pvt Ltd for about Rs1.69cr. 

"1,07,100 equity shares of Rs10 each acquired at Rs158.04 per shares as per valuation certificate," the filing said. 

AGE already held a 49% stake in KSPPL.

“KSPPL was incorporated in August 2015 and has set up 20 MWac solar power project at Bagewadi, Karnataka,” AGE said in a BSE filing. 

"KSPPL stake is acquired with an object of consolidating the company's interest in KSPPL and within the overall objective of the company. With this acquisition, KSPPL has become a wholly-owned subsidiary of the company," it added. 

KSPPL has a Power Purchase Agreement (PPA) with Bangalore Electricity Supply Company Ltd. The fixed PPA tariff is Rs5.48/kWh for a period of 25 years. The project was commissioned on January 6, 2018. 

Adani Green Energy Ltd share price ended at Rs39.90, down Rs0.85, or 2.09%, from its previous close of Rs40.75 on the BSE. The scrip opened at Rs40.25 and touched a high and low of Rs41.60 and Rs39.60, respectively. The current market cap of the company is Rs6,240.42cr.

Related Story