L&L advises sellers of Odisha stake to Adani Power

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Adani Power

L&L Partners advised AES India and AES OPGC Holding, both subsidiaries of New York-listed AES Corporation, when the two companies signed agreements for the US$135 million sale of their 49% stake in Odisha Power Generation Corporation (OPGC) to Adani Power.

The government of Odisha holds the remaining stake in OPGC. J Sagar Associates advised Adani Power.

The deal was announced on 23 June and is to close six months from the date of signing.

L&L Partners’ team was led by senior partner Mohit Saraf and comprised partners Apurva Jayant, Arjun Rajgopal and Pallavi Bedi and managing associate Samridha Neupane.

The deal is subject to compliance with requirements of the government of Odisha and regulatory approvals from the Competition Commission of India and Reserve Bank of India.

The deal marks the entry of Adani Power into the state of Odisha. AES Corporation said the sale of its entire stake in OPGC was a significant step toward achieving its ambitious short and longer-term decarbonization goals. According to stock exchange filings, AES and the Adani Group will “continue to partner to facilitate the delivery of renewables and energy storage in India”.