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Adani Green Energy Ltd (AGEL) said it has completed the acquisition of SB Energy India for USD 3.5 billion (Rs 26,000 crore).
With this deal, SB Energy India is now a 100 % subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
“AGEL, the world’s largest solar power developer, successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal.
This transaction takes AGEL closer to becoming the global leader in renewables, said Vneet S Jaain, MD and CEO, AGEL in the statement.
“The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy’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,” he added.
The value accretive acquisition boosts AGEL’s operational portfolio to 5.4 GW and its overall portfolio to 19.8 GW implying a 4x growth locked-in, the company said.
In May this year the Adani Green Energy Limited had signed the share purchase agreements for the acquisition of 100% interest in SB Energy India from SBG (80%) and Bharti Group (20%).