Adani Green wraps up USD-3.5bn acquisition of SB Energy India

Indian renewables developer Adani Green Energy Ltd (BOM:541450) said today it has closed the USD-3.5-billion (EUR 3.02bn) acquisition of SB Energy Holdings Ltd, which owns a roughly 5-GW renewables portfolio in India.

The all-cash deal makes SB Energy Holdings, also known as SB Energy India, a 100% subsidiary of the Indian solar developer. The acquired entity was previously jointly owned by Japan’s SoftBank Group, which held an 80% stake, and Bharti Group of India with 20%.

SB Energy’s portfolio consists of operational and under-construction renewable energy assets with a combined capacity of 4,954 MW, located across four states, including 1,700 MW of plants in operation, 2,554 MW under construction and 700 MW nearing construction. The bulk of the overall capacity, totalling 4,180 MW, comes from utility-scale solar assets, while 450 MW is from hybrid wind-solar parks and 324 MW from wind farms. All projects have 25-year power purchase agreements (PPAs) in place with sovereign-rated counterparties such as Solar Energy Corporation of India Ltd and NTPC Ltd.

The deal, touted as the largest acquisition in the Indian renewable energy market, expands Adani Green’s portfolio to 19.8 GW and its operational fleet to 5.4 GW. The Indian firm has pledged to pour over USD 20 billion to expand its renewable power generation business in the next 10 years.

The acquisition of SB Energy Indian was agreed in May.

(USD 1.0 = EUR 0.862)

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