Adani Green Energy wraps up $3.5bn acquisition of SB Energy India

Adani Green Energy Ltd (AGEL) has wrapped up the previously announced $3.5 billion (INR 26,000 crores) acquisition of SB Energy Holdings Ltd (SB Energy India).

The all-cash deal was announced in May 2021 under which the Adani Group subsidiary acquired the Indian renewable energy company from SoftBank Group (SBG) and Bharti Group. While SoftBank Group had 80%, Bharti Group held the remaining 20% stake.

Considered to be the largest in the renewable energy industry in India, the deal enables Adani Green Energy to gain a portfolio of 5GW spread over four states in India. The portfolio has 1.7GW of operational renewable assets, 2.5GW of assets under construction, and 700MW of assets near construction.

Solar capacity makes up 84% of the portfolio at 4.18GW, while wind-solar hybrid capacity and wind capacity account for 9% at 450MW and 7% at 324MW, respectively.

The portfolio is split across 15 projects with an average project size of 330MW.

Adani Green Energy acquisition of SB Energy India. Photo courtesy of Adani Green Energy Limited.

Vneet S. Jaain — MD and CEO of Adani Green Energy said: “This transaction takes us closer to becoming the global leader in renewables.

“The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy’s intent to accelerate India’s efforts to transition towards a carbon neutral future. Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyse job creation in multiple sectors.”

Recently, Gautam Adani — Chairman of the Adani Group had announced plans for the conglomerate to invest more than $20 billion over the next 10 years in renewable energy generation.

French energy giant TotalEnergies (formerly Total) has a 20% stake in Adani Green Energy, through which it adds a net capacity of around 1.4 GW of projects in operation and under construction to its renewable portfolio following the acquisition of SB Energy India.

Patrick Pouyanné — Chairman and CEO of TotalEnergies said: “We would like to congratulate AGEL’s management for closing this major transaction, which is reinforcing its leadership position in India and its capacity to contribute actively to the country’s sustainable development, an objective that TotalEnergies shares with Adani Group.

“This transaction and our partnership with AGEL are key contributors to the Company’s objective of reaching 35 GW of gross production capacity from renewable sources by 2025 and to be among the world’s top 5 in renewable energies by 2030.”