Adani Green buys SB Energy from Softbank and Bharti; firm valued at $3.5 bn

By Administrator_ India

Capital Sands

Adani Green Energy Ltd. said on Wednesday it is acquiring SB Energy India from Softbank of Japan and India’s Bharti Group to add 4,954 MW in its renewable power portfolio. The deal is the biggest acquisition in India’s renewable power sector.

The transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion. The target portfolio consists of large-scale utility assets with 84 percent solar capacity (4,180 MW), 9 percent wind-solar hybrid capacity (450 MW), and 7 percent wind capacity (324 MW). The portfolio comprises 1,400 MW operational solar power capacity and a further 3,554 MW that is under construction. All projects have 25-year power purchase agreements with sovereign-rated counterparties such as Solar Energy Corporation of India Ltd. (SECI), NTPC Limited, and NHPC Limited.

The operating assets forming part of the portfolio are primarily solar park-based projects. With this deal, AGEL will achieve a total renewable capacity of 24.3 GW (1) and an operating renewable capacity of 4.9 GW.

“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. We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves,” said Gautam Adani, chairman of Adani Group in a statement.

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