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Adani Green Completes Rs 26,000 Crore Acquisition of SB Energy India; Stock Soars Over 3%

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At 11:35 am, Adani Green shares were quoting at Rs 1,215.45, higher by 3.3 per cent, on the BSE.Adani Green Energy (AGEL), the renewable energy arm of the Adani Group, has completed the acquisition of SB Energy India for around Rs 26,000 crore ($3.5 billion).

With this deal, SB Energy India has become a 100 per cent subsidiary of Adani Green Energy.

SB Energy India was earlier a 80:20 joint venture between the Japan-based SoftBank Group Corporation and Bharti Group.Mr Vneet S.

Jaain, MD - CEO, AGEL said, "The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy's intent to accelerate India's efforts to transition towards a carbon neutral future.The deal, which was first announced in May, is the largest acquisition in the renewable energy sector in India.SB Energy India has 5 GW renewable assets across four states in India, including 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets near construction.Last week, Gautam Adani, chairman of the Adani Group, had announced plans to invest more than $20 billion in renewable energy generation over the next decade.At 11:35 am, Adani Green shares were quoting at Rs 1,215.45, higher by 3.3 per cent, on the BSE.




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