Adani Green Energy Ltd. (AGEL) has agreed to buy out SB Energy India, in what marks the country’s largest acquisition in the renewable energy sector. With a total renewable portfolio of 4,954 megawatts spanning four Indian states, the transaction values SB Energy India at $3.5 billion.
The sellers were SBG and Bharti Group, which held 80 percent and 20 percent shares, respectively.
SB Energy India’s target portfolio consists of large-scale utility assets with 84 percent solar capacity, 9 percent wind-solar hybrid capacity and 7 percent wind capacity. The portfolio comprises 1,400 megawatts of operational solar power capacity and an additional 3,554 megawatts under construction. The operating assets forming part of the portfolio are primarily solar park–based projects.
All projects have 25-year PPAs with sovereign-rated counterparties such as Solar Energy Corporation of India, NTPC and NHPC
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