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Adani Green Energy Limited (AGEL) on Wednesday signed a share purchase agreements for the acquisition of 100 per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group (20 per cent).According to a release issued by Adani Renewables, SB Energy India has a total renewable portfolio of 4,954 Mega Watt (MW) spread across four states in India. The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately USD 3.5 billion."The target portfolio consists of large scale utility assets with 84 per cent solar capacity (4,180 MW), 9 per cent wind-solar hybrid capacity (450 MW) and 7 per cent wind capacity (324 MW). The portfolio comprises 1,400 MW operational solar power capacity and a further 3,554 MW is under construction. All projects have 25-year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India Ltd. (SECI), NTPC Limited and NHPC Limited," the release said.The operating assets forming part of the portfolio are primarily solar park based projects and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country.With this acquisition, AGEL will achieve a total renewable capacity of 24.3 Gigawatt (GW) and an operating renewable capacity of 4.9 GW. This acquisition demonstrates AGEL's intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions, Adani Renewables said.Taking to Twitter, Chairman of Adani Group, Gautam Adani said: "With effects of climate change increasingly evident, our focus on renewable energy has accelerated. Acquisition of SoftBank's and Bharti's 5 Gigawatt (GW) renewable energy portfolio is aligned with India's COP 21 aspiration and our goal to be the world's largest Renewable Energy Company by 2030."He said, "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."Adani said India, without any doubt, has been one of the few nations that have accelerated its global commitment towards climate change and his company intends to do its 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 is excellent and I compliment their efforts to support India's renewable energy transition. We are proud to take their legacy forward," he added.Chairman and Chief Executive Officer (CEO) of SoftBank Group Corporation Masayoshi Son said they believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India's growth."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," he said.Chairman of Bharti Enterprises, Sunil Bharti Mittal said that he is 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," Mittal said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Adani Green Energy Limited (AGEL), today signed share purchase agreements for the acquisition of 100 per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group (20 per cent). ...

Adani Green Energy Limited (AGEL) on Wednesday signed a share purchase agreements for the acquisition of 100 per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group (20 per cent). ...