Subhash Chandra-led Essel Group has sealed a deal with Adani Green Energy Ltd (AGEL) to sell its solar units in Punjab, Karnataka and Uttar Pradesh for an enterprise value of Rs 1,300 crore. “The Group has signed an agreement with Adani Green Energy Ltd (AGEL) to sell 205 MW operating solar assets of Essel Green Energy Private Ltd and Essel Infraprojects Ltd at an enterprise value of Rs 1,300 crore. The assets are located in Punjab, Karnataka and Uttar Pradesh,” Essel Group said in a statement.

All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The diversified group, which runs the Zee network of channels, said that it remains focused towards its commitment made to its lenders and is furthermore confident on completing the overall repayment process.