- Tuesday, February 25, 2025
By: Shubham Ghosh
ADANI Green Energy Ltd (AGEL) on Monday (4) said it has finished the acquisition of SB Energy India for $3.5 billion (£2.5 billion).
“AGEL, the world’s largest solar power developer, successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal for which definitive agreements were signed on May 18, 2021,” a statement from the company said.
The deal made SB Energy a 100 per cent subsidiary of AGEL. Previously, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
Following the acquisition, SB Energy now has an enterprise valuation of $3.5 billion. The transaction also marked the largest acquisition in the renewable energy sector in India, the statement said.
Last week, Adani Group chairman Gautam Adani announced that the group would invest more than $20 billion over the next 10 years in generating renewable energy.
The transaction took AGEL closer to becoming the global leader in renewables, said AGEL managing director and chief executive officer Vneet S Jaain.
“The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy’s intent to accelerate India’s efforts to transition towards a carbon neutral future. Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyse job creation in multiple sectors,” he said.
SB Energy India has 5 gigawatt renewable assets across four states in India through its SPVs.
The portfolio holds 1,700 megawatt (MW) of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction.
