With this acquisition, AGEL will achieve a total renewable capacity of 24.3 GW and operating renewable capacity of 4.9 GW
The renewable energy arm of Adani Group, Adani Green Energy Ltd, is acquiring SoftBank Group-backed SB Energy India at an enterprise value of approximately USD 3.5 billion, the largest such acquisition in the renewable energy sector in the country.
The company said in a statement, “Adani Green Energy Limited (AGEL), today signed share purchase agreements for the acquisition of 100 per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group (20 per cent).”
SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction.
With this acquisition, AGEL will achieve a total renewable capacity of 24.3 GW and operating renewable capacity of 4.9 GW.
The company further said that 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.
Gautam Adani, Chairman, Adani Group, said: “The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint (as well as lay the foundation for opening up adjacent platforms that include Hydrogen and Storage). We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves.”
Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said, “As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India’s growth.”
The closing of the transaction is subject to customary approvals and conditions, the company added.