Adani Green Energy Gets The Nod To Acquire 100% Stake In SB Energy India

In Renewable Energy, Clean News, News
Adani Green Energy

The Competition Commission of India (CCI) on Wednesday approved acquisition of entire shareholding in SB Energy by Adani Green Energy Limited.

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.

The target portfolio consists large scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction.

All projects have 25 year PPAs with sovereign rated counter-parties 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 and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.

Adani Green Energy

In May, “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.

With this acquisition, Adani Green Energy will achieve total renewable capacity of 24.3 GW and operating renewable capacity of 4.9 GW.

This acquisition is another step towards the vision AGEL stated in January 2020, wherein they laid out plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030.

Reference- AGEL Media Release, Economic Times, Livemint

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