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Adani Green Energy Ltd has announced that they will acquire 5 GW SB’s Energy India renewable power portfolio for a fully completed EV of $3.5 billion.
“Adani Green (AGEL) has signed definitive agreements for 100 per cent acquisition of SB Energy Holdings Limited. SB Energy India is a joint venture between Japan-based SoftBank Group Corp, 80 per cent and Bharti Group 20 per cent and houses 4,954 MW of renewable assets in India”, the company said in an exchange filing.
This transaction is the largest acquisition in the renewable energy sector in India. The value of the transaction at an enterprise valuation of approximately $3.5 billion. With this acquisition, AGEL will achieve a total renewable capacity of 24.3 GW (1) and a renewable operating capacity of 4.9 GW. This acquisition demonstrates AGEL’s intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions, the company added.
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The Chairman of Adani Group said that “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and after that the world’s largest renewable company by 2030.”
“We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves. The quality of assets that SoftBank and the Bharti Group have built is excellent, and I compliment their efforts to support India’s renewable energy transition. We are proud to take their legacy forward,” he added.
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