Indian renewable energy company Adani Green Energy has completed its acquisition of SB Energy India and the power producer’s 5GW renewable portfolio, including more than 4GW of solar power.
The deal was announced on 19 May 2021 and valued SB Energy India at US$3.5 billion and marks the largest acquisition in the renewable energy sector in India, according to Adani Energy, which is 20% owned by French oil and gas major Total.
Adani acquired a 100% interest in SB Energy India from SoftBank Group Corp, which owned 80% of the company, and Bharti Group, which owned 20%.
SB Energy India’s portfolio consists of 15 projects spread across four Indian states. They comprise 4,180MWac of solar, making up 84% of the total portfolio, followed by 450MW of wind-solar hybrid capacity (9%) and 324MW of wind (7%).
Off these, 1,700MW are in operation, 2,554MW are under construction and 700MW are near construction. All the projects have 25-year power purchase agreements (PPAs) with “sovereign rated counterparties”, said Adani Energy.
“The value accretive acquisition boosts [Adani Energy’s] operational portfolio to 5.4GW and its overall portfolio to 19.8GW implying a 4x growth locked-in,” added a company statement.
Meanwhile, just last week, Adani Group Chairman Gautam Adani announced that the Group would invest over US$20 billion across the next 10 years in renewable energy generation.
Earlier this month, Adani raised US$750 million through a green bond offer, securing the debt and equity needed to reach its 25GW renewables target.