Adani Green Energy Ltd. has signed share purchase agreements for the acquisition of 100% interest in SB Energy’s India from SoftBank Group (SBG) (80%) and Bharti Group (20%).
As per Adani’s announcement, it will acquire SB Energy’s 5 GW India renewable power portfolio for a fully completed EV of $3.5 billion.
the company stated during in exchange filing, “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 transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion which is the largest acquisition in the renewable energy sector in India.
With this acquisition, AGEL will achieve the total renewable capacity of 24.3 GW and an 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 Chairman of the Adani Group, Mr. Gautam Adani stated, “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 builtise excellent and I complement their efforts to support India’s renewable energy transition. We are proud to take their legacy forward,” further he said.
Masayoshi Son, the Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., said, “We established SB Energy India in 2015 intending to create 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 of the 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.”
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