Adani Green signs investment agreements with RSWM for captive power projects

Adani Green Energy Limited (AGEL) announced that its subsidiaries have signed Investment Agreements with RSWM Limited to develop two captive power projects. The agreements were executed on October 31, 2025.

The first agreement involves Adani Renewable Energy Holding Eighteen Limited (AREH18L) and Adani Solar Energy Jodhpur Six Limited (“Generator 1”) with RSWM Limited. The second involves Adani Renewable Energy Holding Four Limited (AREH4L) and Adani Renewable Energy Forty One Limited (“Generator 2”) with RSWM Limited.

These agreements enable RSWM Limited to acquire a minority equity stake in the project companies, meeting the “Minimum Captive Shareholding” requirement under the Electricity Rules, 2005. The rule mandates that captive consumers must hold at least 26% of the equity in the generating entity supplying them with power.

Under the terms, RSWM Limited will subscribe to at least 26% of the equity share capital in each project company. Upon completion of the final phase, RSWM will hold 1.63% of the equity in Generator 1 and 2.33% in Generator 2. The Adani subsidiaries will retain control over the boards, including the right to appoint all directors. The agreements also provide AGEL entities the right to repurchase RSWM’s shares upon termination of the corresponding Power Consumption Agreements.