On Wednesday, the Adani Green Energy division announced that it would pay Essel Infraprojects $150 million for a 50% stake in Essel Saurya Urja Company of Rajasthan Ltd.

Adani Green Energy's renewable division, Adani Renewable Energy Holding Two Ltd, announced in a regulatory filing that it and Essel Infraprojects Ltd. signed into a legally binding term sheet on January 17, 2023.

A 150 million cash payment is required for the acquisition. The government of Rajasthan will still hold the remaining 50% of the equity shares.

According to the company's regulatory filing, "Adani Renewable Energy Holding Two Limited, a Wholly-owned Subsidiary of Adani Green Energy Limited, entered into a binding term sheet on January 17, 2023 for the acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan Limited ("ESUCRI") from Seller.

In Rajasthan, ESUCRL is the owner and operator of a solar park with a 750 MW capacity. In 2021–2022, it generated a turnover of 198.7 million. ESUCRL has a paid-up capital of $7465.59 million compared to its allowed capital of $500 million.

To facilitate the installation of renewable energy producing plants by developers, ESUCRL constructs solar parks.

The purchase will increase AGEL's presence in Rajasthan, where it already owns and manages a solar park through a joint venture with the Rajasthani government called Adani Renewable Energy Park Rajasthan Ltd. It was founded on May 27, 2015.

According to the statement, the acquisition will provide value for the company's stockholders.