Adani Green Energy announced that it will acquire SB Energy's 5 GW India renewable power portfolio. The company said in an official statement that the purchase would be done for a fully-completed enterprise evaluation (EV) of $625 million.

“Adani Green (AGEL) has signed definitive agreements for 100 percent acquisition of SB Energy Holdings Limited. SB Energy India is a joint venture between Japan-based SoftBank Group Corp (80 percent) and Bharti Group (20 percent) and houses 4,954 MW of renewable assets in India," the company said in an exchange filing.

Adani Green Energy, part of the Adani Group, has one of the largest global renewable portfolios in the world specialising in building, owning and operating solar and wind farm projects.

With this latest acquisition, AGEL will achieve a total renewable capacity of 24.3 GW and an operating renewable capacity of 4.9 GW.

Speaking about the development, Adani Group Chairman Gautam Adani said that the acquisition is another step in their vision to become the world’s largest solar player by 2025 and renewable company by 2030.

''We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves. The quality of assets that SoftBank and the Bharti Group have built are excellent and I compliment their efforts to support India’s renewable energy transition. We are proud to take their legacy forward," he said.

Speaking about the development, SoftBank’s Masayoshi Son said that that the deal with Adani Green Energy will help “drive the next phase of growth” for the clean energy sector in the country.

First Published:May 19, 2021 11:44 AM IST