New Delhi, May 19
Billionaire Gautam Adani’s group on Wednesday announced the acquisition of the renewable energy business of SoftBank Group Corp in India for $ 3.5 billion (around Rs 25,500 crore), to become the largest solar company to the world.
In a statement, Adani Green Energy Ltd, the renewable energy unit of the port-to-energy conglomerate, said it has signed stock purchase agreements to buy 100% of SB Energy India from SoftBank and Bharti Group.
The biggest takeover in the field of renewable energies
- Transaction Marks Largest Renewable Energy Acquisition in India
- AGEL has signed agreements for the acquisition of the interests of SB Energy India from SBG (80%) and Bharti Group (20%)
- SB Energy India has a total renewable energy portfolio of 4,954 MW spread across four Indian states
Without giving details of the deal, the statement said the transaction values SB Energy India at a company valuation of around $ 3.5 billion, he said. This transaction marks the largest acquisition in the renewable energy sector in India.
With the transaction, AGEL now has a portfolio of 24.3 gigawatts (GW) – enough to power over 8.5 million homes, or nearly all Australian homes (9.2 million) each year.
The closing of the transaction is subject to customary approvals and conditions.
Gautam Adani, President of the Adani Group, said: “This acquisition is another step towards the vision we set out in January 2020, in which we outlined our plans to become the world’s largest solar player by 2025 and subsequently the world’s largest renewable energy company by 2030.
In addition, Sunil Bharti Mittal, Chairman of Bharti Enterprises, said that the Adani Group has an outstanding track record in building a green power plant that will achieve further acceleration with the combination of SB Energy in its bosom. – PTI