Adani Green Energy Ltd. (AGEL) completed the SB Energy India acquisition for USD 3.5 billion on Monday. The company stated that the acquisition was completed in an all-cash deal for which pacts were inked on May 18, 2021.
SB Energy India has now become a 100 percent subsidiary of AGEL. Earlier, the company operated in a joint venture with 80:20 between Japan-based SoftBank Group Corp. and Bharti Group.
Adani Group said that the transaction marks the largest acquisition in the renewable energy sector in India.
The latest acquisition of SB Energy India by AGEL has pegged the enterprise’s valuation at USD 3.5 billion (approximately Rs 26,000 crore), making it the largest acquisition in the renewable energy sector in India.
Adani Group’s chairman said that they will invest USD 20 billion in renewable energy generation, component manufacturing, transmission, and distribution in the next 10 years.
Currently, SB Energy India’s renewable energy assets total 5 GW and is spread across four states through the special purpose vehicle route.
The company’s portfolio includes 1,700 MW of operational renewable assets, 2,554 MW of under-construction assets, and another 700 MW in the pipeline.
Solar capacity accounts for 84 percent of the portfolio (4,180 MW), wind-solar hybrid capacity accounts for 9 percent (450 MW) and wind capacity accounts for 7 percent (324 MW).
The Adani Group has aimed to triple its green energy generation capacity by 2025 to achieve net-zero operations at its ports. The company also wants to power all its data centers with renewable energy and begin green hydrogen production.