Adani Green acquires SB Energy from Softbank and Bharti; the company is valued at $3.5 billion.

Adani Green to Acquire SB Energy from Softbank and Bharti;  The company is valued at $ 3.5 billion.

Adani Green Energy is to acquire Soft Bank-sponsored 5GW renewable energy portfolio from SB Energy in India for a fully-closed enterprise value of $ 3.5 billion. This is the country’s largest renewable energy acquisition.

“Adani Green (AGEL) has signed definitive agreements to acquire 100% of SB Energy Holdings Limited,” the company said in a statement on Wednesday. SB Energy is a joint venture between the Masayoshi Son-led SoftBank Group and the Bharti Group, sponsored by the telecommunications tsar Sunil Mittal. SoftBank owns 80% and Bharti Enterprises 20% of the joint venture, which has 4,954 MW of renewable assets in India.

The acquisition increases Adani Green’s total renewable capacity to over 24 GW and fits in with the company’s pursuit of a pole position in the sustainable energy transition by becoming one of the largest green energy platforms in the world.

Sunil Bharti Mittal, Chairman of Bharti Enterprises, said: “I am delighted that SB Energy has found a good home to continue its groundbreaking journey of building a leading renewable energy company in India. The Adani Group has an outstanding track record in building a green energy power plant, which the combination of SB Energy will further accelerate. I am glad that Bharti was able to play a constructive role in partnership with SoftBank. “

The last such big deal was when Tata Power acquired Welspun Energy’s renewable energies for nearly Rs 10,000 in 2016.

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