Adani Green Energy Limited (AGEL), an Indian renewable energy company and part of Indian conglomerate Adani Group, has successfully completed the acquisition of SB Energy India. Adani Green Energy had signed share purchase agreement to acquire 100% stake in SB Energy India, on 18th May 2021.
SB Energy India used to be an 80:20 joint venture between Japan’s SoftBank Group Corp and Bharti Enterprises Limited. Adani Green Energy has completed the acquisition of SB Energy India for approximately Rs. 26,000 Crore.
SB Energy India a Good Fit for Adani Green Energy
SB Energy India’s acquisition by Adani Green Energy is in line with the goal set by the company of becoming World’s largest renewable power company by 2030.
With this acquisition Adani Green Energy has become the World’s largest solar power developer. Also, this acquisition is the largest in renewable energy sector in India.
In a press release the company mentioned “The value accretive acquisition boosts AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 19.8 GW”. Also, recently Adani Group Chairman, Mr. Gautam Adani announced that “The Group would invest over 20 Bn dollars across the next 10 years in renewable energy generation”, as mentioned in the company’s press release.
SB Energy India and its Existing Energy Portfolio
SB Energy India has a renewable energy portfolio of 4,954 MW which comprises of Solar capacity amounting to 84% of the portfolio (4,180 MW), wind-solar hybrid capacity accounts for 9% (450 MW) and wind capacity accounts for 7% (324 MW). The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction.