Essel enters agreement for the sale of 310 MW solar portfolio with Adani Group

Essel Infraprojects Ltd, a unit of Essel Group, has entered into an agreement with Adani Group for the sale of a 310 MW solar photovoltaic portfolio for a consideration of up to INR20 billion (US$286.64 million). 

Essel Group was in talks with ACME Solar Holdings for the sale of its solar assets in February 2019 but the deal fell through. In May 2019, the company has closed the sale of its two power transmission lines projects to Sekura Energy Ltd, a unit of Edelweiss Infrastructure Yield Plus Fund. 

Essel Group plans to sell its infrastructure business including roads, power transmission, and solar energy assets to settle its company debt.