Three special purpose vehicles (SPVs) acquired are Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL). Both, Adani Green and Inox Wind informed the stock exchanges individually about the transaction which was settled in cash
Adani Green Energy Limited (AGEL) said that it acquired three entities from Inox Green Energy Services Limited (IGESL) each holding 50 MW operational wind power projects at Dayapar in Gujarat, on 10 October.
The three special purpose vehicles (SPVs) acquired by Adani Green Energy are Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL).
Both, Adani Green and Inox Wind informed the stock exchanges individually about the transaction which was settled in cash. “The acquisition is expected to be value accretive to our shareholders,” said Adani Green.
Inox Wind during a filing said,”The company’s subsidiary, Inox Green Energy Services Ltd (IGESL), has sold its entire 100% shareholding in WORL, WTRL and WFRL at a cash consideration of ₹1.00 Lakh each.”
Back in 2019, Inox Wind secured 250 MW in SECI Tranche 1 auction at a fixed tariff of Rs 3.46 per unit for a period of 25 years for sale to PTC India.
“IGESL shall provide long-term operations and maintenance services for these projects,” said an official statement. IGESL is a subsidiary of Inox Wind.
In total the three SPVs generated a combined turnover of worth Rs121 crore in FY22 (WORL Rs 42.3 cr, WTRL Rs 42.2 cr and WFRL Rs 36.5 cr) said Adani Greens during its stock exchange filing.