Adani Green to acquire SB Energy’s 5GW renewable energy portfolio
Category: #energy-and-environment  By Pranali Mehta  Date: 2021-05-20
  • share
  • Twitter
  • Facebook
  • LinkedIn
Adani Green to acquire SB Energy’s 5GW renewable energy portfolio

The deal comes as the largest acquisition ever conducted in India’s renewable energy space

Adani Green Energy Limited (AGEL) has revealed plans to purchase 5 GW of renewable energy portfolio from SB Energy India for a sum of $3.5 billion. The purchase marks as AGEL’s fourth successive deal struck in the solar segment and would be the largest acquisition in India's renewable space.

Earlier, the company had acquired domestic assets of Toronto-based SkyPower Global and Sterling and Wilson. It also sold a 20% stake to French oil and gas major, Total SE. On the other hand, SB Energy has a total of 4,954 MW renewable portfolio in four Indian states.

Gautam Adani, Chairman of Adani Group, considers this acquisition as the next step for their firm to become the world’s leading solar player by 2025. He said that AGEL’s renewable energy platform will lay the foundation for attracting several global industries that are keenly looking to reduce their carbon footprint.

Mr. Adani added “AGEL is on its path to reaching its solar portfolio targets four years prior to the set deadline. SoftBank and Bharti Group have built excellent assets in this arena and the firm lauds their efforts to support India’s transition to renewable energy and are honored to take this legacy forward”.

The deal will enable AGEL to achieve its target renewable energy portfolio of 25 GW, four years earlier than its set timeline and will take the company’s overall renewable capacity to 24.3 GW and operating renewable capacity to 4.9 GW.

AGEL’s current power portfolio consists of large utility assets comprising of 4,180 MW (84%) solar capacity (3,554 MW under construction and 1,400 MW operational), 450 MW (9%) wind-solar hybrid capacity, and 324 MW (7%) wind capacity.

Source Credit: https://www.moneycontrol.com/news/business/adani-green-energy-to-acquire-5gw-renewable-portfolio-from-sb-energy-for-3-5-billion-6909891.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Amazon reduces its Appstore revenue share to help small businesses
Amazon reduces its Appstore revenue share to help small businesses
By Pranali Mehta

After Google and Apple reduced their app store fees, Amazon too has lowered its revenue cut for small developers by launching Amazon Appstore Small Business Accelerator Program. Sources with relevant information stated that this move will allow Amazo...

MTN Group selects five partners to expand 4G & 5G services in Africa
MTN Group selects five partners to expand 4G & 5G services in Africa
By Pranali Mehta

MTN Group, the largest telecom operator in South Africa in terms of users, has reportedly chosen five partners to expand 4G and 5G services across Africa using an Open RAN architecture. This will enable cheap and quick access to these services, said ...

Jaguar Land Rover to build hydrogen fuel cell-based Defender SUV concept
Jaguar Land Rover to build hydrogen fuel cell-based Defender SUV concept
By Pranali Mehta

Britain-based luxury vehicle manufacturer Jaguar Land Rover is reportedly developing a hydrogen fuel cell vehicle that will be based on its popular Defender SUV. The prototype program deemed as Project Zeus is a part of the company’s goal to ac...