Adani Green Energy Limited (AGEL), subsidiary of Adani Group, has completed its previously announced acquisition of SB Energy India for Rs 260 billion. In May 2021, AGEL signed share purchase agreements with SoftBank Group (SBG) and Bharti Group to acquire a 100 per cent interest in SB Energy India. SB Energy India was previously owned by SBG at an 80 percent stake, with Bharti Group owning the remaining 20 per cent.
SB Energy India currently has renewable assets with 5GW of total capacity located across four Indian states through its special purpose vehicles. The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction. Solar capacity accounts for 84 per cent of the portfolio (4,180 MW), while wind-solar hybrid capacity accounts for 9 per cent (450 MW) and wind capacity accounts for 7 per cent (324 MW).This renewable portfolio consists of 15 projects totalling 330 MW with many of the assets being solar park-based projects.
AGEL’s operational portfolio will grow to 5.4 GW, and its overall portfolio will rise to 19.8 GW, translating into a 4-fold growth lock-in. The company’s counterparty mix for its whole portfolio of 19.8 GW is further strengthened by the fact that 87 per cent of its counterparties are sovereign rated. The organisation also adheres to internationally recognised principles such as the United Nations Sustainable Development Goals and the Science Based Targets programme, and its ESG disclosures are in line with GRI standards, CDP disclosure, and TCFD recommendations.
