Adani Power-led consortium completes takeover of Coastal Energen

The total cost was nearly $40m.

A consortium, including Adani Power, has completed the acquisition of Coastal Energen Private Limited (CEPL), which owns and operates a thermal power plant located in Tuticorin, Tamil Nadu.

In a regulatory filing, Adani Power said the transaction was completed on 31 August.

An earlier filing noted that the takeover involves upfront payment of $39.72m (INR3,330.88 crore) to financial creditors, whilst operational creditors will receive $56,000 (INR4.64 crore).

The plan also includes the incorporation of CEPL with Moxie Power Generation Limited (MPGL), a special purpose vehicle (SPV) of the consortium.

“Upon implementation of all the conditions of the approved resolution plan, CEPL has been amalgamated with MPGL. Consequently, CEPL stands dissolved without winding up and without further act or deed and accordingly the SPV / MPGL shall continue to exist as the surviving entity,” Adani Power said.

CEPL's 1,200-megawatt (MW) thermal plant currently supplies 558 MW to Tamil Nadu State Discom TANGEDCO under a long term power purchase agreement.

$1 = INR83.93

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition

Some steps they could take are implementing green tariffs and setting infrastructure funds.

10 hours ago

Global clean energy tech market to hit $2t by 2035

This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

10 hours ago

NSW OKs Liverpool Range Wind Farm expansion