At 12:05 pm, Adani Green Energy shares were trading greater by 2.9 percent on BSEAdani Green Energy has gotten SB Energy India for a fully-completed enterprise assessment (EV) of $3.5 billion, making this the largest acquisition in the renewable energy sector in the nation.
SB Energy India is a joint endeavor between the Japan-based SoftBank Group Corp and Bharti Group, which held a stake of 80 percent and 20 percent respectively.
Adani Green (AGEL) has signed definitive contracts for 100 percent acquisition of SB Energy Holdings Limited.
SB Energy India is a joint endeavor between Japan-based SoftBank Group Corp (80 percent) and Bharti Group (20 percent) and homes 4,954 MW of sustainable assets in India, Adani Green Energy stated in a regulatory filing to the stock exchanges.Gautam Adani, chairman, Adani Group stated, This acquisition is another step towards the vision we specified in January 2020, where we set out our strategies to end up being the world's biggest solar player by 2025 and afterwards the world's largest eco-friendly business by 2030.
The target portfolio consists large scale utility properties with 84 percent solar capacity (4,180 MW), 9 percent wind-solar hybrid capability (450 MW) and 7 percent wind capability (324 MW), Adani Green Energy added.With this acquisition, Adani Green Energy will attain an overall renewable capacity of 24.3 Gigawatt (GW) and an operating eco-friendly capability of 4.9 GW.The closing of the deal goes through customary approvals and conditions, Adani Renewables said.SB Energy India has an overall sustainable portfolio of 4,954 MW spread across 4 states in India.At 12:05 pm, Adani Green Energy shares were trading at Rs 1234.60, greater by 2.9 percent, on the BSE.