Adani Green Energy Limited. (AGEL) has entered into an agreement with SkyPower Global, headquartered in Toronto, to acquire a 100 percent stake in the special unit (SPV). SPV owns 50 MW of solar assets in Telangana. “AGEL, one of the country’s largest renewable energy companies, has signed an agreement with Toronto-headquartered SkyPower Global to acquire a 100 percent stake in SPV,” the company said in a statement.

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This particular unit has 50 MW of operating solar assets. This project is in Telangana. It was commissioned in October 2017. The project has a long-term power purchase agreement (PPA) with Telangana Southern Electricity Distribution Company.

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Following this acquisition, AGEL’s operational renewable energy capacity will increase to 3,395 MW. Its total renewable energy portfolio is expected to reach 14,865 MW. Various approvals for the deal have yet to be taken. Adani Green Energy Managing Director and Chief Executive Officer (CEO) Vineet S Jain said, “Strengthening our portfolio through acquisition and expansion opportunities is in line with our goal of achieving 25 GWh of capacity by 2025. Our goal is to become the world’s largest renewable energy company.