Gautam Adani, chairman of Adani Group, said, “This acquisition is another step towards the vision we set out in January 2020, in which we plan to become the world’s largest solar company by 2025 ..
One of the largest acquisitions in the renewable energy sector in India, Adani Green Energy Limited (AGEL) is set to acquire 100 per cent stake in SB Energy India from SBG (80 per cent) and Bharti Group. Giving information on the deal, the company said that it will acquire SB Energy India from Softbank of Japan and Bharti Group of India to add 4,954 MW to its renewable energy portfolio. This is the biggest deal in India’s renewable energy sector. The deal is worth about $ 3.5 billion.
SB Energy India has a total renewable portfolio of 4,954 MW spread across four states of India. The target portfolio includes large-scale utility assets with 84 percent solar capacity (4,180 MW), 9 percent wind-solar hybrid capacity (450 MW) and 7 percent wind capacity (324 MW). Also, the portfolio includes operational solar power capacity of 1,400 MW and another 3,554 MW is under construction.
25 year old PPA model
All projects have 25-year PPAs with sovereign rated counterparts such as Solar Energy Corporation of India Limited (SECI), NTPC Limited and NHPC Limited. The operational assets that form part of the portfolio, AGEL said, are primarily solar park-based projects and are built after the best in class governance, project development, construction, and operation and maintenance practices, which offer the highest quality renewable in the country One of the portfolios.
These are the big things of the deal
With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW and operational renewable capacity of 4.9 GW. The acquisition, the company said, reflects AGEL’s intention to become a leader in the sustainable energy transition globally and makes it one of the world’s largest renewable energy platforms. The closing of the transaction is subject to customary approval and conditions.
The world’s largest company will be made by 2025
Gautam Adani, president of Adani Group, said, “This acquisition is another step towards the vision we set in January 2020, wherein we have become the world’s largest solar company by 2025 and then the world’s largest renewable company by 2030 Planned to be. India has, without doubt, been one of the few countries that has accelerated its global commitment to climate change and we intend to play our part to fulfill the promises made.
This is the new plan of the company
He said, “We are well on our way to achieving our declared solar portfolio targets four years ahead of the deadline set for us. The wealth that Softbank and Bharti Group have built is outstanding and I commend their efforts to support India’s renewable energy transition. We are proud to carry forward his legacy. “
What did Sunil Bharti Mittal say on the deal
Bharti Enterprises President Sunil Bharti Mittal said, “I am delighted that SB Energy has found a good home in India to pursue its journey to become a renewable energy company ahead. The Adani Group has an excellent track record of green production. An energy powerhouse that will gain further momentum in conjunction with SB Energy. I am happy that Bharti can play a constructive role in partnership with SoftBank. ”
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