In One Of Largest Deals In Renewable Space, Adani Green Buys Softbank's Clean Energy Unit for $3.5 Billion

Adani Green Energy Ltd (AGEL), the world's largest solar power developer, announced today that it has successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India), the clean energy unit of Softbank, in an all-cash deal for which definitive agreements were signed on 18 May 2021.

SB Energy India, which was a joint venture between Japan-based SoftBank Group Corp (80%) and Sunil Mittal's Bharti Group (20%) is now a subsidiary of Adani Green Energy.

The deal is one of the largest acquisitions in the renewable energy space and pegs SB Energy India at an enterprise valuation of USD 3.5 Bn (Rs. 26,000 Cr). With the acquisition of SB energy, AGEL’s total portfolio is at 24.3 GW

With a market capitalisation of roughly Rs 1,83,943.72crore (approximately $25 billion), AGEL is currently most valuable company of the Adani Group,

“This transaction takes us closer to becoming the global leader in renewables. 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,” said Vneet S. Jaain, managing director and chief executive officer at AGEL

Just last week, Adani Group Chairman Gautam Adani had announced that the Group would invest over 20 Bn dollars across the next 10 years in renewable energy generation.