Adani Green Energy seals $3.5bn deal with SB Energy Holdings

By Dominic Ellis
Under the $3.5 billion acquisition, SB Energy India is now a 100% subsidiary of Adani Green Energy Limited

Adani Green Energy has successfully completed the $3.5 billion acquisition of SB Energy Holdings.

With this deal, SB Energy India is now a 100% subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.

Last week Adani Group Chairman Gautam Adani announced that the Group would invest over $20 billion across the next 10 years in renewable energy generation.

“This transaction takes us closer to becoming the global leader in renewables,” said Vneet S. Jaain, MD & CEO, AGEL. “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.”

SB Energy India has 5GW renewable assets across four states in India through its SPVs. The portfolio holds 1,700MW of operational renewable assets, 2,554MW of assets under construction and 700 MW of assets near construction.

Solar capacity accounts for 84% of the portfolio (4,180MW), wind-solar hybrid capacity accounts for 9% (450 MW) and wind capacity accounts for 7% (324MW).

Split across 15 projects with an average project size of 330MW, this is one of India’s highest quality renewable portfolios, with many of the assets being solar park-based projects and constructed using best-in-class governance, project development, construction and operations and maintenance standards.

The value accretive acquisition boosts AGEL’s operational portfolio to 5.4GW and its overall portfolio to 19.8GW implying a 4x growth locked-in. AGEL’s counterparty mix for its overall portfolio of 19.8 GW is further reinforced with 87% sovereign rated counterparties.

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