Adani Green Energy Limited (AGEL) has signed share purchase agreements for 100% acquisition of SB Energy Holdings Limited which has a 4,954 MW portfolio of renewable energy (RE) projects in India. …
AGEL will be acquiring the stake from SoftBank GroupCorp (80%) and Bharti Group (20%). The transaction values SB Energy at about USD3.5 billion. The target portfolio will comprise 1,400 MW of operational solar power capacity and 3,554 MW capacity projects under construction. All the projects have 25-year power purchase agreements (PPAs) with Solar Energy Corporation of India Limited (SECI), NTPC Limited and NHPC Limited. This transaction is the largest acquisition in the RE sector in India after which the total RE capacity of AGEL will reach 24.3 GW with an operating RE capacity of 4.9 GW.