Mumbai, Mar 24 (IANS): Adani Green Energy Ltd (AGEL) on Wednesday announced that it has signed a share purchase agreement for the acquisition of 100 per cent stake in two special purpose vehicles (SPV) holding 74.94 MW operating solar projects of Sterling & Wilson, a Shapoorji Pallonji group company.

The projects, commissioned in 2017, are located in Medak District of Telangana and have long-term Power Purchase Agreements (PPA) with the Southern Power Distribution Company of Telangana Limited.

The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, Adani Green said in a statement.

The closing of the transaction is subject to customary approvals and condition, it added.

Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd said: "Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project."