Adani Green Energy Ltd is in advanced talks with SoftBank Group Corp and Bharti Enterprises Ltd to acquire a majority stake in the privately-held SB Energy Holdings Ltd at more than $650 million, according to multiple media reports.

The company, owned by billionaire Gautam Adani, is exploring a buyout of the solar energy major through an all-stock deal, the Business Standard reported.

SoftBank has invested more than $800 million in the business in the past five years. The deal with Adani Group started after the collapse of a plan to sell SoftBank’s entire 80 percent stake in SB Energy to Canada Pension Plan Investment Board (CPPIB) in July 2020 to raise $600 million through a dollar bond, a report in Mint mentioned.

This deal could help Adani Green to reach its planned green energy generation capacity of 25 gigawatts by 2025. Adani Green shares have risen nearly 400 percent in the past year, giving the company a market value of about $24 billion, mentioned Financial Post.

Presently, SB Energy has an energy portfolio of 7.7 gigawatts (GW) in India. Bharti Enterprises Ltd owns the remaining 20 percent stake in the company.

SoftBank Group Corp had a long-standing plan to sell its controlling stake in solar power producer SB Energy to Canada Pension Plan Investment Board (CPPIB) which now has been called off. CPPIB had at that point placed several pre-conditions which included meeting certain project commissioning deadlines, securing new businesses, bond issuance as well as SoftBank bearing any future liquidated damages liability for acquiring the stake, added the report in Mint.