Adani Green Energy Completes SB Energy India Acquisition for $3.5 Bn

Adani Group’s renewable energy arm Adani Green Energy Ltd (AGEL) has completed the acquisition of SB Energy Holdings Ltd (SB Energy India) from Japan-based SoftBank Group Corp and Bharti Group in an all-cash deal for about USD 3.5 billion (~Rs 26,000 crore).

October 05, 2021. By Manu Tayal

Adani Group’s renewable energy arm Adani Green Energy Ltd (AGEL) has successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India) from Japan-based SoftBank Group Corp and Bharti Group in an all-cash deal for about USD 3.5 billion (~Rs 26,000 crore).
 
Earlier in May this year, the world’s largest solar power developer, AGEL, had signed definitive agreements for the acquisition of SB Energy Holdings.

With this deal, SB Energy India is now a 100 per cent subsidiary of AGEL.
 
However, it was earlier an 80:20 joint venture (JV) between SoftBank and Bharti Group.
 
Moreover, this transaction marked the largest acquisition in the renewable energy sector in India.
 
Recently, Adani Group Chairman Gautam Adani had already announced that the Group would invest over USD 20 billion across the next 10 years in renewable energy generation.

Commenting on the acquisition transaction, Vneet S. Jaain, MD and CEO of Adani Green Energy Ltd, said that “this transaction takes us closer to becoming the global leader in renewable.”
 
“The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy’s intent to accelerate India’s efforts to transition towards a carbon-neutral future. Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyse job creation in multiple sectors,” he added.

SB Energy India has a 5 GW capacity of renewable assets across 4 states in India through its special purpose vehicles (SPVs).
 
The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction. Solar capacity accounts for 84 per cent of the portfolio (4,180 MW), wind-solar hybrid capacity accounts for 9 per cent (450 MW) and wind capacity accounts for 7 per cent (324 MW).
 
Meanwhile, this acquisition boosts AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 19.8 GW implying a 4x growth locked-in.
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