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Adani Green completes Rs 26,000 crore acquisition of SB Energy India; Stock climbs more than 3%

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At 11:35 am, Adani Green shares were trading 3.3 per cent higher at Rs 1,215.45 on the BSE.

Adani Green Energy (AGEL), the renewable energy arm of the Adani Group, has completed the acquisition of SB Energy India for approximately Rs 26,000 crore ($3.5 billion). With this deal, SB Energy India has become a 100% subsidiary of Adani Green Energy. SB Energy India was earlier an 80:20 joint venture between Japan-based SoftBank Group Corporation and Bharti Group.

AGEL MD & CEO, Shri Vineet S. Jain said, “The addition of these high quality large utility-scale assets of SB Energy India demonstrates Adani Green Energy’s intent to accelerate India’s efforts to transition towards a carbon neutral future.

The deal, which was first announced in May, is the largest acquisition in the renewable energy sector in India.

SB Energy India has 5 GW of renewable assets across four states in India, including 1,700 MW of operational renewable assets, 2,554 MW of under-construction assets and 700 MW of under-construction assets.

Last week, Adani Group Chairman Gautam Adani announced plans to invest more than $20 billion in renewable energy generation over the next decade.

At 11:35 am, Adani Green shares were trading 3.3 per cent higher at Rs 1,215.45 on the BSE.

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