Adani Green Energy (AGEL) has acquired SB Energy India in an all-cash deal, giving SB Energy India an enterprise valuation of INR 26,000 crore ($3.4 billion).
This marks the largest acquisition in the renewable-energy sector in India.
SB Energy India was previously a 80:20 joint venture between Japan’s SoftBank Group and Bharti Group. The acquisition makes the company a 100 percent subsidiary of AGEL.
“The addition of these high-quality large utility-scale assets from SB Energy India demonstrates AGEL’s intent to accelerate India’s efforts to transition towards a carbon neutral future,” said Vneet S Jaain, managing director and CEO of AGEL. “Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyze job creation in multiple sectors.”
SB Energy India has 5 gigawatts of renewable assets across four states in India. The portfolio includes 1,700 megawatts of operational renewable assets, 2
