Adani Green buys SoftBank’s SB Energy India for $3.5 bn

Adani Green Energy

Adani Green announced the acquisition of SB Energy India for $3.5 billion — the largest acquisition in the renewable energy sector in India.

Gautam Adani’s renewable energy firm will achieve a total renewable capacity of 24.3 GW and an operating renewable capacity of 4.9 GW.

SB Energy India is a joint venture between Japan-based SoftBank Group (80 percent) and Bharti Group (20 percent) and houses 4,954 MW of renewable assets in India.

This acquisition will enable Adani Green to achieve its target renewable portfolio of 25 GW four years ahead of the target timeline.

The target portfolio consists large scale utility assets with 84 percent solar capacity (4,180 MW), 9 percent wind-solar hybrid capacity (450 MW) and 7 percent wind capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction.

All projects have 25 year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India (SECI), NTPC and NHPC.

The operating assets forming part of the portfolio are primarily solar park based projects and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.

Gautam Adani, Chairman, Adani Group, said: “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030.”