Adani Green Energy Ltd (AGEL) has completed the acquisition of SB Energy India for USD 3.5 billion, the company stated on Monday.
It is the largest solar power developer in the world which made SB Energy Holdings Ltd (SB Energy India) its subsidiary with this deal.
With this deal, SB Energy India is now a 100 per cent subsidiary of AGEL. Earlier, it was a 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.
The transaction pegs SB Energy India at an enterprise valuation of USD 3.5 billion (approximately Rs 26,000 crore) and marks the largest acquisition in the renewable energy sector in India, it stated.
Speaking at JP Morgan India Investor Summit, Adani Group chairman said the USD 20 billion investment will be in renewable energy generation, component manufacturing, transmission and distribution.
Group’s “integrated value chain, our scale, and experience puts us on the path to be the producer of the least expensive green electron anywhere in the world,” he said.