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Adani Green Energy acquires remaining stake in Kodangal Solar Parks

Power News - Published on Wed, 16 Jan 2019

Image Source: The Financial Express
Business Standard reported that Adani Green Energy has acquired 51 per cent equity share capital of Kodangal Solar Parks Pvt Ltd from FS India Devco Pvt Ltd for about INR 1.69 crore. AGE said in a BSE filing that AGE already held 49 per cent stake in KSPPL. KSPPL was incorporated in August 2015 and has set up 20 MWac solar power project at Bagewadi, Karnataka.

It added that “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 the wholly-owned subsidiary of the company.”

KSPPL has Power Purchase Agreement with Bangalore Electricity Supply Company Ltd. The fixed PPA tariff is INR 5.48/kWh for a period of 25 years. The project was commissioned on January 6, 2018.

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Posted By : Rabi Wangkhem on Wed, 16 Jan 2019
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