India

India

'Largest Indian renewables deal' as Adani buys rival

The $3.5bn deal to buy SB Energy will include a near-5GW renewables portfolio, with nearly 900MW of wind and wind-solar hybrid capacity

Adani chairman Gautam Adani said the company aims to become the world’s biggest renewables company by 2030
Adani chairman Gautam Adani said the company aims to become the world’s biggest renewables company by 2030

Google Translate

Indian developer Adani Green Energy has signed definitive share agreements to acquire 100% of rival firm SB Energy India, which has a near-5GW renewables portfolio.

It has agreed to buy out SB Energy India shareholders SBG (80%) and Bharti Group (20%) in a deal valuing the company at around $3.5 billion.

SB Energy India’s $3.5 billion transaction value makes the deal the largest ever acquisition in the renewable energy sector in India, Adani claimed

The company’s near-5GW renewables portfolio is spread across four Indian states, and includes 4.1GW of solar PV capacity, 450MW of wind-solar hybrid capacity and 320MW of wind capacity. Of this portfolio, 1.4GW solar PV is operational, while the remainder is under construction.

All of these projects have 25-year power purchase agreements (PPAs), with offtakers including the Solar Energy Corporation of India (SECI), Adani stated.

Following the acquisition, Adani will have a 24.3GW renewables portfolio, including 4.9GW of operational capacity. This includes nearly 500MW of operational onshore wind capacity in India, according to its website.

Closing of the transaction is subject to customary approvals and conditions.

Adani chairman Gautam Adani said the company aims to become the world’s biggest solar company by 2025 and the world’s largest renewables company by 2030.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Latest news

Partner content