Adani Green Energy signs India’s largest renewables acquisition deal

As part of the deal, Adani Green Energy takes 100% ownership of SB Energy India from both SBG and Bharti Group. The two companies owned 80% and 20% stakes in SB Energy India, respectively.

Adani will now own and operate 4,954MW of renewable energy projects developed by SB Energy India in four Indian states. Of the projects, 84% (4,180MW) are solar, 9% (450MW) wind and solar hybrids and 7% (324MW) wind. Up to 1,400MW of solar is operational and 3,554 under construction.

The projects have 25-year power purchase agreements with large companies including Solar Energy Corporation of India Ltd. (SECI), NTPC Limited and NHPC Limited. The deal is part of efforts by Adani Green Energy to expand its contribution to the country’s transition to low-carbon energy resources. The projects increase Adani Green Energy’s renewables’ portfolio to 24.3GW of which 4.9GW are operational.

Gautam Adani, chairman, Adani Group, 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.