Adani Greens buys SB Energy India for $3.5Bn
2021-10-05Adani Greens Energy Limited (AGEL), world’s largest solar power developer, successfully completed the procurement of Japan’s SoftBank Group Corp.’s and Bharti Enterprises Ltd-owned solar power producer SB Energy Holdings Ltd (SB Energy India) in an all-cash deal for $ 3.5 billion (Rs 26,000 crore), making SB Energy India a 100 percent subsidiary of AGEL. Earlier, it was an 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
The transaction marks the largest acquisition in the renewable energy sector in India and has given AGEL a close chance of becoming the global leader in renewables.
“The value accretive acquisition brings AGEL’s operational portfolio to 5.4 GW and overall portfolio to 19.8 GW," the company said in a statement.
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 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,” said Vneet S Jaain, MD and CEO, AGEL.
India’s installed renewable energy capacity is 147.05 GW, including hydropower projects of 46.37 GW. The country has installed solar and wind energy capacity of 100.68 GW with India’s solar and wind generation recording an all-time high of 43.1 GW on 27 July. India has reached 38.5% of its installed power capacity from non-fossil fuels and this will go up to 66% by 2030, according to the government.
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