Bhubaneswar, Sep 30 (IANS): The Adani Renewable Energy (MH) Limited (AREMHL), a wholly-owned subsidiary of Adani Green Energy Ltd (AGEL), will acquire a 40MW operating solar project in Odisha.

The AREMHL has signed definitive agreements with Essel Green Energy Pvt Ltd to acquire 100 per cent economic value in a special purpose vehicle (SPV) that owns the solar project in Odisha, the company said in a statement on Thursday.

The project has a long-term Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) for Rs 4.235 per unit, with remaining PPA life of about 22 years, the company said.

The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 219 crore.

Vneet Jaain, managing director & CEO of Adani Green Energy Ltd., said, "With the acquisition of this project in Odisha, AGEL will now have its footprint across 12 States in India. We are on an expansion path that will make us the world's largest renewable player by 2030."

With this acquisition, AGEL will achieve a total renewable capacity of 19.8 gigawatts (GW). The total portfolio includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets.