Adani Green shares jump as the group adds 5 gigawatts of renewable energy capacity with a $3.5 billion deal with Softbank and Bharti Group
Adani Green Energyhas acquired SB Energy, a joint venture between Japan-based SoftBankGroup Corp and Bharti Groupfor $3.5 billion.
- This comes as
Adani GroupChairman Gautam Adanihad recently announced that it would invest over $20 billion in the next 10 years in renewable energy generation.
- SB Energy India has 5 gigawatt renewable assets across four states in India through its special purpose vehicles (SPVs).
AdvertisementThe Adani Group company, Adani Green Energy, has today completed one of the largest acquisitions in the renewable energy space by buying SB Energy for $3.5 billion. The deal was announced in May and the shares of Adani Green jumped 1% in early trade on September 4.
SB Energy India, which was a joint venture between Japan-based SoftBank Group Corp (80%) and Bharti Group (20%) is now a subsidiary of Adani Green Energy. SB Energy has a total renewable portfolio of 4,954 megawatt spread across four states in India.
“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,” said Vneet S. Jaain, managing director and chief executive officer at Adani Green Energy.
The acquisition will add SB Energy’s 5 gigawatt renewable assets across four states to Adani’s Green’s portfolio. Solar capacity accounts for 84% of the portfolio, wind-solar hybrid capacity accounts for 9%, and wind capacity accounts for 7%.
The acquisition boosts the company's operational portfolio to 5.4 GW from 4.9 GW earlier. (1 gigawatt equals 1000 megawatts)
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