$3.5 Billion: Adani Closes India’s Largest Renewables M&A Deal

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Adani Group Chairman Gautam Adani had recently announced that the Group would invest over 20 Bn dollars across the next 10 years in renewable energy generation

Adani Green Energy Ltd (AGEL) has completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal for which definitive agreements were signed on 18 May 2021. SB Energy India is now a 100 per cent subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.

“This transaction takes us closer to becoming the global leader in renewables,” said Vneet S. Jaain, MD & CEO, AGEL.

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Jaain adds, “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.”

The transaction pegs SB Energy India at an enterprise valuation of USD 3.5 Bn (~Rs. 26,000 Cr) and marks the largest acquisition in the renewable energy sector in India. Just last week, Adani Group Chairman Gautam Adani had announced that the Group would invest over 20 Bn dollars across the next 10 years in renewable energy generation.

SB Energy India has 5 GW renewable assets across four states in India through its 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.

The value accretive acquisition boosts AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 19.8 GW implying a 4x growth locked-in. AGEL’s counterparty mix for its overall portfolio of 19.8 GW is further reinforced with 87% sovereign rated counterparties.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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