Adani Green Energy has completed the acquisition of SB Energy India, which houses 4,954 megawatt (MW) of renewable energy projects across the country for around Rs 26,000 crore ($3.5 billion).
The deal marks the largest acquisition in the renewable energy sector in India helping Adani Green Energy achieve a total renewable capacity of 19,800 MW, with 5,400 MW of operational and the remaining capacity comprising under-construction assets.
SoftBank Group has owned 80 percent SB Energy India while the remaining stake was held by the Bharti Group.
Recently, energy giant Total has acquired 20 percent stake in Adani Green Energy from the Adani Group for around $2 billion.
Out of SB India’s total portfolio, 1,700 MW are operational and the balance is under construction. The company’s operational and upcoming projects are located in Rajasthan, Andhra Pradesh, Karnataka and Madhya Pradesh.
All projects have 25-year power purchase agreements with sovereign rated counterparties such as Solar Energy Corporation of India, NTPC and NHPC, supplying power at an average tariff of Rs 2.75/unit.
“This transaction takes us closer to becoming the global leader in renewables,” said Vneet S Jaain, managing director and CEO, AGEL.
In FY21, Adani Green Energy acquired 205 MW solar plants from Essel Group, 75 MW solar plants from Sterling and Wilson, 50 MW solar plants from SkyPower Global and 20 MW solar plants from Hindustan Power Projects.