Active Stocks
Tue Apr 16 2024 15:59:30
  1. Tata Steel share price
  2. 160.05 -0.53%
  1. Infosys share price
  2. 1,414.75 -3.65%
  1. NTPC share price
  2. 359.40 -0.54%
  1. State Bank Of India share price
  2. 751.90 -0.65%
  1. HDFC Bank share price
  2. 1,509.40 0.97%
Business News/ Companies / News/  Adani Green to acquire SB Energy's India green portfolio for enterprise value of $3.5 billion
BackBack

Adani Green to acquire SB Energy's India green portfolio for enterprise value of $3.5 billion

SB Energy India is a joint venture between Japan-based SoftBank Group Corp. (80%) and Bharti Group (20%) and houses 4,954 MW of renewable assets in India.

Adani Green Energy to acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of USD 3.5 billionPremium
Adani Green Energy to acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of USD 3.5 billion

Adani Green Energy on Wednesday announced that it will acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of $3.5 billion.

''Adani Green (AGEL) has signed definitive agreements for 100% acquisition of SB Energy Holdings Limited. SB Energy India is a joint venture between Japan-based SoftBank Group Corp (80%) and Bharti Group (20%) and houses 4,954 MW of renewable assets in India'', the company said in an exchange filing.

The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion.

With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW (1) and operating renewable capacity of 4.9 GW. This acquisition demonstrates AGEL’s intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions, the company added.

Gautam Adani, Chairman, Adani Group, said: “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. The quality of assets that SoftBank and the Bharti Group have built are excellent and I compliment their efforts to support India’s renewable energy transition. We are proud to take their legacy forward," he added.

Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said: “We established SB Energy India in 2015 with the goal of creating a market-leading clean energy company to help fuel India’s growth with clean and renewable sources of energy. We are immensely proud of all that we have accomplished. As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India’s growth."

Sunil Bharti Mittal, Chairman, Bharti Enterprises, said: “I am delighted that SB Energy has found a good home to carry on its pioneering journey of building a foremost renewable energy company in India. Adani Group has an outstanding track record of building a green energy powerhouse which will get further acceleration with the combination of SB Energy into its fold. I am glad that Bharti could play a constructive role in partnership with SoftBank."

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 19 May 2021, 08:48 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App