Adani Green Energy Ltd (AGEL) announced on Saturday that it had signed a 100 percent purchase agreement for a 50MW SkyPower Global solar cell in Telangana.

With this acquisition, AGEL will increase its renewable energy efficiency by 3,395 MW with a total renewable portfolio of 14,865 MW, the company said in a statement

Toronto-based SkyPower plans to move out of India with 350 MW of cargo. Leading companies were in the race to secure a 50MW project in Telangana. The project was launched in October 2017 and has a long-term power purchase agreement (PPA) with Telangana Power Distribution Company.

Vineet S. Jain, MD & CEO, AGEL said, “Strengthening our portfolio with viable and unique growth opportunities is an important part of our vision of building 25GW power by 2025 and becoming the largest renewable company in the world. We will use the power of our platform and financial management philosophy to achieve operational improvements and returns to maximize profits from the project.

AGEL has a portfolio of 14.9GW of active, non-existent, and award-winning projects – the highest in the country.

Source: Business Standard