Last Updated : Saturday, August 25, 2018 21:37:53

Adani Green acquires stake in Singapore, US, Vietnamese renewable energy arms

AHMEDABAD | MUMBAI | RAJKOT – In a regulatory filing submitted to the exchanges in India on Tuesday – August 21, 2018 Adani Green Energy Ltd said of having acquired 100% equity of Adani Green Energy Pte Ltd., from Adani Global Pte Ltd, for cash consideration of each share priced at USD $1 per share.

The Company has acquired 100% Equity Share Capital of Adani Green Energy Pte Limited (“AGEPteL”) from Adani Global Pte Limited, the filing read.

With an objective of having the benefits of synergy and make it an investment arm of the company for international renewable business, the company has acquired AGEPteL, the statement read.

The said Company, which is an an Investment Holding of  International Renewable Businesses, was incorporated in March, 2017 based out of Singapore, for the purpose of investment in international renewable businesses and has authorised & paid-up share capital of USD $2,000 with NIL turnover as on (financial year ended on) 31.03.2018, the filing said.

Pursuant to this acquisition AGEPteL has become Wholly owned Subsidiary of the Company, the statement claimed.

AGEPteL has been acquired from Adani Global Pte Ltd which is a Group entity, hence the transaction is done at “Arms Length,” the filing read.


OTHER ANNOUNCEMENTS

In two separate filings company has also informed the Indian bourses of having acquired 51% stake in Adani Energy USA Inc., as well 80% stake in Vietnam headquartered Adani Phuoc Minh Wind Power Company Limited (“APMWPCL”).

The US Entity is engaged in Developing, Constructing Financing and Owning Solar Energy Projects, whereas Vietnam entity is engaged in Generating Electricity from Renewable Energy.

Adani Solar USA Inc. was incorporated on August 9, 2018.


Authorised & Paid-up Share Capital of US asset is pegged at USD $10,000, whereas authorised & paid-up share capital of Vietnamese asset APMWPCL is pegged at VND 22000000 (nearly USD $1000)

The Company has subscribed to 80% of Equity Shares of APMWPCL to extend its footstep in Vietnam.

Financial turnovers in US and Vietnam assets is reported NIL as on 31.03.2018, as the entities are yet to commence commercial operations.


Whereas Vietnamese asset APMWPCL plans to develop its 27.3 MW Wind Power Plant at Phuoc Minh & Phuoc Ninh Commune, Thuan Nam District, Ninh Thuan Province, Vietnam.

The said Wind Power Plant will have construction scale of 13 Wind Turbines, transmission line, substation, control room, electrical connection line and internal road.

Acquisitions of US and Vietnamese assets done at “Arms Length” and pursuant to this acquisition AGEPteL has become Wholly owned Subsidiary of the Company, the statement claimed.


All three announcements from Adani Green Energy detailing stake acquisition in US, Singapore and Vietnamese renewable subsidiaries hit the exchanges on the same day – Tuesday, August 21, 2018, after the closing of trading session on the Indian Bourses.

In last 30 minutes prior to closing of trading session on the Indian exchanges, Adani Energy shares which traded in RED Zone on negative counters displayed some improvement and spiked a little upward in last 30 minutes on Tuesday – August 21, 2018, as the trading session ended on the Indian Bourses.


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