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.