Adani green energy arm to acquire 50% equity in Essel Shaurya Urja company of Rajasthan

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Adani green energy arm to acquire 50% equity in Essel Shaurya Urja company of Rajasthan

Adani green energy arm to acquire 50% equity in Essel Shaurya Urja company of Rajasthan

Adani Renewable Energy Holding Two Ltd, a division of Adani Green Energy, would pay Rs 15 crore to Essel Infraprojects to purchase 50% of the ownership in Essel Saurya Urja Company of Rajasthan Ltd. According to a regulatory filing from Adani Green Energy, Adani Renewable Energy Holding Two Ltd (ESUCRL) and Essel Infraprojects Ltd engaged into a legally binding term sheet on January 17, 2023.

The Rajasthani government would continue to hold the remaining 50% of the equity shares. In Rajasthan, ESUCRL is the owner and operator of a solar park with a 750 MW capacity. In 2021–2022, it generated a revenue of Rs 9.87 crore. ESUCRL has a 50 crore rupee authorised capital and a 46.56 crore rupee paid up capital.

For developers to be able to build up renewable energy producing plants, ESUCRL creates solar parks. The acquisition will increase AGEL’s presence in Rajasthan, where it already has a solar park that it jointly owns and manages with the state government under the name Adani Renewable Energy Park Rajasthan Ltd. It was established on May 27, 2015.

It further stated that the acquisition is anticipated to add value for the company’s shareholders.

Essel Saurya Urja Company of Rajasthan Limited

With a focus on infrastructure development for renewable energy projects, the Government of Rajasthan and IL&FS Energy Development Company Limited (IEDCL) established the Saurya Urja Company of Rajasthan Limited in 2015.

In strong radiation zones, the company constructs Solar Parks with ready-to-use infrastructure and requires less commissioning time from solar power developers. The park’s features make project implementation quicker and production costs less.

The company has already built a 1000 MW solar park and is currently building a 300 MW solar park as part of a mission to build 5000 MW of solar power parks in the state of Rajasthan.

By facilitating the timely execution of sizable solar power projects throughout the nation, Saurya Urja has established itself as a prime example of a successful PPP model in the solar industry.

Essel Saurya Urja Company of Rajasthan Limited is a public company. It is listed with the Registrar of Companies in Jaipur as a Non-govt company. It has a Rs. 500,000,000 authorised share capital and a Rs. 465,613,504 paid up capital. It is involved in the generation, storage, and distribution of electricity.

The most recent Annual General Meeting (AGM) of Essel Saurya Urja Company of Rajasthan Limited took place on November 26, 2021, and the most recent balance statement that was submitted to the Ministry of Corporate Affairs (MCA) was on March 31, 2021.

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