Adani Green Energy has acquired SB Energy India for a fully-completed enterprise analysis (EV) of $3.5 billion, making this the biggest acquisition within the renewable vitality sector within the nation. SB Energy India is a three way partnership between the Japan-based SoftBank Group Corp and Bharti Group, which held a stake of 80 per cent and 20 per cent respectively.
“Adani Green (AGEL) has signed definitive agreements for 100 percent acquisition of SB Energy Holdings Limited. SB Energy India is a joint venture between Japan-based SoftBank Group Corp (80 percent) and Bharti Group (20 percent) and houses 4,954 MW of renewable assets in India,” Adani Green Energy stated in a regulatory submitting to the inventory exchanges.
Gautam Adani, chairman, Adani Group stated, “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 thereafter the world’s largest renewable company by 2030.”
“The target portfolio consists large scale utility assets with 84 per cent solar capacity (4,180 MW), 9 per cent wind-solar hybrid capacity (450 MW) and 7 per cent wind capacity (324 MW),” Adani Green Energy added.
With this acquisition, Adani Green Energy will obtain a complete renewable capability of 24.3 Gigawatt (GW) and an working renewable capability of 4.9 GW.
The closing of the transaction is topic to customary approvals and circumstances, Adani Renewables stated.
SB Energy India has a complete renewable portfolio of 4,954 MW unfold throughout 4 states in India.
At 12:05 pm, Adani Green Energy shares have been buying and selling at Rs 1234.60, larger by 2.9 per cent, on the BSE.