NEW DELHI: Adani Green Energy (AGEL) on Monday announced completing the acquisition of SB Energy Holdings (SB Energy India) in an all-cash deal for which definitive agreements were signed on 18 May 2021.
SB Energy India is now a 100% subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank and Bharti Group.
The transaction pegs SB at an enterprise valuation of $3.5 Bn (Rs 26,000 crore) and marks the largest acquisition in the renewable energy sector in India.
Adani Group chairman Gautam Adani said over the next decade, his group would invest over $20 billion in renewable energy generation and triple its capacity here in the next four years.
“While these scenarios emerge, the Adani Group is not sitting still. We are tripling our solar power generation capacity over the next four years. This is a rate of growth currently unmatched by any other company anywhere on the planet,” Gautam Adani said at the inaugural session of TiE Sustainability Summit 2021.