New Delhi: Adani Green Energy (AGEL) on Monday said it has completed the acquisition of SB Energy India in an all-cash deal for which definitive agreements were signed on 18 May 2021.
With this deal, SB Energy India is now a 100 per cent subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group and Bharti Group.
“The acquired portfolio comprises 100 per cent sovereign rated counterparties. Average tariff for the portfolio is Rs. 2.75 per unit,” according to the company press release.
It added that the transaction pegs SB Energy India at an enterprise valuation of about Rs 26,000 crore and marks the largest acquisition in the renewable energy sector in India.
“The addition of these high-quality large utility-scale assets from SB Energy India demonstrates AGEL’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, AGEL.
The company added that with this acquisition, its operational portfolio stands at 5.4 GW and overall portfolio at 19.8 GW implying a four-times growth locked-in. AGEL’s counterparty mix for its overall portfolio of 19.8 GW is further reinforced with 87 per cent sovereign rated counterparties.
SB Energy India has 5 GW renewable assets across four states in India. The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction.