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Uttar Pradesh Power Corporation Limited (UPPCL) has filed a petition seeking approval for a Supplementary Power Purchase Agreement (SPPA) for a 50 MW solar power project in Shahajahapur, Uttar Pradesh. The petition has been submitted under Section 86(1)(a) & (b) of the Electricity Act, 2003, along with Regulation 15 of the UPERC (Conduct of Business) Regulations, 2019. The SPPA was executed on July 18, 2024, following an order from the National Company Law Tribunal (NCLT) dated March 19, 2024, approving the amalgamation of Essel Urja Pvt. Ltd. (EUPL) with Adani Green Energy Twenty-Three Ltd. (AGETTL). UPPCL has requested the Commission to approve the SPPA, which allows AGETTL to assume the rights, obligations, and liabilities of EUPL under the original Power Purchase Agreement (PPA) dated December 27, 2013. The agreement ensures that the 50 MW solar power project will continue to supply electricity under the same terms and conditions, including tariff structure. AGETTL, a joint venture between Adani Green Energy Limited and Total Solar Singapore Private Limited, was incorporated on January 8, 2020, under the Companies Act, 2013. The company focuses on electricity production, collection, and distribution. The project initially stemmed from the Uttar Pradesh Solar Power Policy 2013, under which the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) conducted a competitive bidding process to select a Solar Power Producer (SPP) for a 200 MW solar project. M/s Essel Infraprojects Ltd. was selected to develop a 50 MW solar power plant and subsequently established EUPL for project execution. EUPL and UPPCL originally signed the PPA on December 27, 2013, to facilitate power supply from the project. Later, EUPL, along with 15 other group companies, filed a petition before NCLT seeking approval for the merger with AGETTL. The tribunal approved the merger on March 19, 2024, under Sections 230 to 232 of the Companies Act, 2013. Following this, EUPL informed UPPCL on April 2, 2024, about the requirement to execute supplementary agreements to formalize the merger. UPPCL provided its consent on June 15, 2024, and the SPPA was officially signed on July 18, 2024. During a hearing on February 25, 2025, UPPCL’s counsel, Divyanshu Bhatt, stated that the petition was filed solely to reflect the name change of the Solar Power Producer from EUPL to AGETTL under the existing PPA. Representatives from AGETTL confirmed that they had no objections to the approval of the SPPA. The commission also reviewed the agreement and determined that the name change would not have any adverse impact on tariffs or other financial aspects of the project. On February 10, 2025, AGETTL submitted an affidavit stating that it had reviewed the petition and raised no objections. Based on this, the Commission approved the SPPA on February 25, 2025, formally recognizing the change of name from Essel Urja Pvt. Ltd. to Adani Green Energy Twenty-Three Ltd. The petition was then disposed of accordingly. This decision ensures that the solar power project in Shahajahapur continues uninterrupted under the new ownership structure while maintaining its contractual commitments. |
