AGEL acquires SB Energy’s 5.0GW India Renewable power portfolio

Adani Green Energy acquires SB Energy’s renewable power portfolio for afully completed EV of US$3.5-billion, making it the country’s largestrenewables M&A transaction.



  • AGEL has signed definitive agreements for 100 per centacquisition of SB Energy Holdings Limited (SB Energy India). SB Energy India isa joint venture between Japan-based SoftBank Group Corp. (SBG –80 per cent) andBharti Group (20 per cent) and houses 4,954 MW of renewable assets in India.

  • The portfolio comprises high quality, large scale utilityrenewable assets. All projects are contracted to sell power under 25 yearsPower Purchase Agreements (PPA) with sovereign rated counterparties.

  • The transaction is for a fully completed enterprise valuationof approximately US$3.5-billion (~`26,000-cr.)


Adani Green EnergyLimited (AGEL), has signed share purchase agreements for the acquisition of 100per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group(20 per cent). SB Energy India has a total renewable portfolio of 4,954 MWspread across four states in India. The transaction marks the largestacquisition in the renewable energy sector in India. The transaction values SBEnergy India at an enterprise valuation of approximately US$3.5-billion.

The targetportfolio consists of large scale utility assets with 84 per cent solarcapacity (4,180 MW), 9.0 per cent wind-solar hybrid capacity (450 MW), and 7.0per cent wind capacity (324 MW). The portfolio comprises of 1,400 MWoperational solar power capacity and a further 3,554 MW is under construction.

All projects have25 year PPAs with sovereign rated counterparties, such as Solar Energy Corporationof India Ltd. (SECI), NTPC Limited, and NHPC Limited. With this acquisition,AGEL will achieve total renewable capacity of 24.3 GW (The capacity includes 4,500 MW of solar power capacity for whichletter of award is awaited), andoperating renewable capacity of 4.9 GW.

Says Gautam Adani, Chairman, Adani Group, “This acquisition is another step towards the vision we stated inJanuary 2020, wherein we laid out our plans to become the world’s largest solarplayer by 2025 and thereafter the world’s largest renewable company by 2030.The renewable energy platform that we are building will lay the foundation forattracting several other global industries that are increasingly looking toreduce their carbon footprint (as well as lay the foundation for opening upadjacent platforms that include Hydrogen and Storage).”


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