Adani Green Energy (AGEL) has signed share purchase agreements for acquisition of 100 percent interest in SB Energy India from SBG (80 percent) and Bharti Group (20 percent).
SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India.
The transaction marks the largest acquisition in the renewable energy sector in India.
The transaction values SB Energy India at an enterprise valuation of approximately USD 3.5 billion. The target portfolio consists large scale utility assets with 84 percent solar capacity (4,180 MW), nine percent wind-solar hybrid capacity (450 MW) and seven percent wind capacity (324 MW).
The portfolio comprises 1,400 MW operational solar power capacity and a further 3,554 MW is under construction.
All projects have 25-year PPAs with sovereign rated counterparties such as the Solar Energy Corporation of India (SECI), NTPC and NHPC.
The operating assets forming part of the portfolio are primarily solar park- based projects and have been built following the best-in-class governance, project development, construction, operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.
With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW and operating renewable capacity of 4.9 GW.
The closing of the transaction is subject to customary approvals and conditions.
