Adani Green Energy has just completed the acquisition of SB Energy.
The deal is worth $3.5 billion and becomes the largest acquisition in India’s renewable energy sector.
Adani Green completes signing of May 2021 agreements
This acquisition completes the signing of definitive agreements between the two parties in May 2021.
Previously, SB Energy was an 80/20 joint venture between Japan’s SoftBank Group and India’s Bharti Group. .
This acquisition accelerates Adani Green’s future aspirations, as explained by its Managing Director, Vneet S. Jaain:
“The addition of these high-quality, large-scale assets from SB Energy India demonstrates Adani Green Energy’s commitment to accelerating India’s efforts to move towards a carbon-neutral future (…) which should catalyze job creation across multiple sectors.”
5 GW of additional renewable energy
Adani Green, via SB Energy, now owns 5 GW of renewable assets in four Indian states.
These assets comprise 1.7 GW of operational renewable assets, 2.6 GW under construction and 700 MW in the pipeline.
Solar power production amounts to 4.1 GW, wind-solar hybrid to 450 MW and wind power to 324 MW.
With 15 projects and an average output of 330 MW, this new portfolio is one of the highest quality in India.
With this acquisition, the Indian market leader boosts its operating and global portfolio to 5.4 GW and 19.8 GW respectively. Ultimately, the company aims to become the world’s largest renewable energy company.
To achieve this, it is counting on an investment of $20 billion over the next 10 years.
