Adani Green Energy to acquire 5GW renewable portfolio from SB Energy for $3.5 billion
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Adani Green Energy will acquire 5 GW of renewable power portfolio from SB Energy India for a fully-completed enterprise evaluation (EV) of $3.5 billion (approx Rs 26,000 crore), the company announced in an official statement.
The share purchase agreement was signed on May 19 for acquisition of 100 percent interest in SB Energy from SoftBank Group and Bharti Group, who held 80 percent and 20 percent stake, respectively.
In recent times, this is the fourth successive deal struck in the solar segment by Adani Green Energy whose stock has surged by almost 13 percent in the last one month. On April 19, it was trading at Rs 1055. On May 18, it traded around Rs 1199.
Earlier, it acquired the domestic assets of Sterling and Wilson and Toronto-based SkyPower Global. It has also sold a 20 percent stake to France's Total.
The India government has an ambitious target to achieve 175GW of renewable capacity, including 100GW of solar power by 2022.
Adani Green Energy is a part of India's Adani Group and has one of the largest global renewable portfolios with 19.3 GW of operating, under-construction and awarded projects, and locked-in growth projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
