Solar developer, Adani Green Energy Ltd, has successfully completed the acquisition of SB Energy Holdings Ltd, India.
The transaction marks the largest acquisition in the renewable energy sector in India, according to Adani Green, and aligns with Group Chairman Gautam Adani’s commitment to invest over $20 billion in renewable energy generation over the next decade.
Vneet S. Jaain, MD & CEO, Adani Green Energy Ltd (AGEL), said: “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.”
SB Energy India has 5GW renewable assets across four states in India. The portfolio holds 1,700MW of operational renewable assets, 2,554MW of assets under construction and 700MW of assets near construction.
Solar capacity accounts for 84% of the portfolio (4,180MW), wind-solar hybrid capacity accounts for 9% (450MW) and wind capacity accounts for 7% (324MW).
The acquisition increases AGEL’s operational portfolio to 5.4GW and its overall portfolio to 19.8GW.