New Delhi, May 19
Billionaire Gautam Adani’s Group on Wednesday announced the acquisition of SoftBank Group Corp’s renewable power business in India for a deal value of $3.5 billion (approximately Rs 25,500 crore), to become the world’s largest solar company.
In a statement, Adani Green Energy Ltd, the renewable energy unit of the port-to-energy conglomerate, said it has inked share purchase agreements to buy 100% of SB Energy India from SoftBank and Bharti Group.
Biggest buyout in renewable energy space
- The transaction marks the largest acquisition in the renewable energy sector in India
- AGEL signed agreements for the acquisition SB Energy India interest from SBG (80%) and Bharti Group (20%)
- SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India
Without giving deal details, the statement said the transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion, it stated. The 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 more than 8.5 million homes, or nearly all the households in Australia (9.2 million) each year.
The closing of the transaction is subject to customary approvals and conditions.
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.
Further, Sunil Bharti Mittal, chairman, Bharti Enterprises, said Adani Group has an outstanding track record of building a green energy powerhouse that will get further acceleration with the combination of SB Energy into its fold. — PTI