Adani Green Energy Limited has announced that it has completed the process of acquiring SB Energy India for $3.5 billion.
The company in a statement said that the acquisition was completed in an all cash deal for which pact were inked on May 18, 2021.
Consequent to this deal, SB Energy is now a 100 per cent subsidiary of Adani Green. Prior to this, it was a 80:20 joint venture between Japan's SoftBank Corporation and Bharti Group.
The transaction marks the largest acquisition in the renewable energy sector in India, the statement issued by Adani Green said.
The deal comes just days after Adani Group chairman Gautam Adani had announced that his group will invest $20 billion during the next 10 years in the renewable energy generation segment.
SB Energy India has renewable energy assets having capacity of 5 gega watts, which are spread across four states through the special purpose vehicle route.
The breakup of the company's portfolio includes 1,700 mega watts of operational renewable assets, 2,554 mega watts of assets which are currently under construction and 700 mega watts of assets that are nearing construction.
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