Adani Green Energy closes India’s largest renewables M&A deal for $3.5 Billion

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Adani Green Energy Limited (AGEL), the world’s largest solar power developer, has successfully completed the acquisition of SB Energy Holdings Limited (SB Energy India), for which definitive agreements were signed on May 18, 2021.

Ahmedabad: Adani Green Energy Limited (AGEL), the world’s largest solar power developer, has successfully completed the acquisition of SB Energy Holdings Limited (SB Energy India), for which definitive agreements were signed on May 18, 2021.

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With this deal, SB Energy India is now a 100% subsidiary of AGEL. Earlier, it was an 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.

The transaction puts SB Energy India at an enterprise valuation of USD 3.5 billion (Rs 26,000 crore) and is the largest acquisition in the renewable energy sector in India. Just last week, Adani Group Chairman Gautam Adani announced that the Adani Group would invest more than $20 billion in renewable energy generation over the next 10 years.

AGEL MD & CEO, Vineet S. “This transaction moves us closer to becoming a global leader in renewable energy,” Jain said.

“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 1 total portfolio comprising 5.4 GW of operating assets, 5.7 GW of assets under construction and 8.7 GW of renewable energy foundations near construction assets will enable an entire ecosystem of new industries that can be expected to catalyze job creation across multiple sectors. “

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SB Energy India has 5 GW of renewable assets in four states of India through its SPV. The portfolio includes 1,700 MW of operational renewable assets, 2,554 MW of under-construction assets and 700 MW of assets under construction.

Solar capacity accounts for 84 percent of the portfolio (4,180 MW), wind-solar hybrid capacity

for 9% (450 MW) and wind capacity for 7% (324 MW). Divided into 15 projects with an average project size of 330 MW, it has one of India’s highest quality renewable portfolio, with many properties being solar park based projects and built using best-in-class governance, project development .

Construction and operation and maintenance standards.

The value addition acquisition expands AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 19.8 GW, meaning 4x growth lock-in. AGEL’s counterparty mix is ​​further strengthened with 87% sovereign-rated counterparties for its overall portfolio of 19.8 GW.

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The company ensures full adherence to globally recognized principles such as the United Nations Sustainable Development Goals and the Science-Based Goals Initiative, and its ESG disclosures are compliant with GRI standards, CDP disclosures and TCFD recommendations.

First published:October 4, 2021, 2:16 pm

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