Adani Green Energy Limited (AGEL), at this time signed share buy agreements
Ahmedabad. Adani Green Energy Limited (AGEL), at this time signed share buy agreements for the acquisition of 100% curiosity in SB Energy India from SBG (80%) and Bharti Group (20%). SB Energy India has a complete renewable portfolio of 4,954 MW unfold throughout 4 states in India. The transaction marks the most important acquisition within the renewable power sector in India. The transaction values SB Energy India at an enterprise valuation of approximatelyUSD 3.5 billion.
The goal portfolio consists massive scale utility belongings with 84percentsolar capability (4,180 MW), 9% wind-solar hybrid capability (450 MW) and seven% wind capability (324 MW). The portfolio contains of 1,400 MW operational solar energy capability anda additional 3,554 MW is beneath building. All initiatives have 25year PPAs with sovereign rated counterparties comparable to Solar Energy Corporation of India Ltd. (SECI), NTPC Limited and NHPC Limited. The working belongings forming a part of the portfolio are primarily photo voltaic park based mostly initiatives and have been constructed following finest in school governance, venture improvement, building, and operations and upkeep practices, ensuing on this being one of many highest high quality renewable portfolios within the nation.
With this acquisition, AGEL will obtain whole renewable capability of 24.3 GW(1) and working renewable capability of 4.9 GW. This acquisition demonstrates AGEL’s intent to be the chief in sustainable power transition globally and makes it one of many largest renewable power platforms on the earth. The closing of the transaction is topic to customary approvals and situations.
Mr. Gautam Adani, Chairman, Adani Group, mentioned: “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030. India, without any doubt, has been one of the few nations that has accelerated its global commitment towards climate change and we intend to do our part to execute on the promises made. The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint (as well as lay the foundation for opening up adjacent platforms that include Hydrogen and Storage). We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves. The quality of assets that SoftBank and the Bharti Group have built are excellent and I compliment their efforts to support India’s renewable energy transition. We are proud to take their legacy forward.”
Mr. Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., mentioned:“We established SB Energy India in 2015 with the goal of creating a market-leading clean energy company to help fuel India’s growth with clean and renewable sources of energy. We are immensely proud of all that we have accomplished. As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India’s growth.”
Mr. Sunil Bharti Mittal, Chairman, Bharti Enterprises, mentioned: “I am delighted that SB Energy has found a good home to carry on its pioneering journey of building a foremost renewable energy company in India. Adani Group has an outstanding track record of building a green energy powerhouse which will get further acceleration with the combination of SB Energy into its fold. I am glad that Bharti could play a constructive role in partnership with SoftBank.”