India’s Competition Commission of India (CCI) has approved the acquisition of SB Energy’s entire shareholding by Adani Green Energy Ltd.
In May 2021, Adani Green Energy had stated that it had signed share purchase agreements with SoftBank Group and Bharti Group for the acquisition of 100 percent stake in SB Energy India for $3.5 billion.
The transaction was billed as the largest acquisition in the renewable energy sector in the country. With this acquisition, AGEL would achieve a total renewable capacity of 24.3 gigawatts (GW) and an operating renewable capacity of 4.9 GW.
According to Adani Green’s statement issued in May, SB Energy India had a total renewable portfolio of 4,954 megawatts (MW) spanning four states in India.
“Commission approves proposed acquisition of the entire shareholding of SB Energy by Adani Green Energy,” said the regulator.
In India, AGEL and its subsidiaries are engaged in the business of renewable power generation including solar, wind, and hybrid energy.
SB Energy is also through its various special purpose vehicles (SPV), engaged in the generation, supply and sale of electricity and energy produced from renewable sources. The target of the acquisition is to have an ultimate holding company for SPVs formed in India that focus on developing renewable energy projects, an official release said.
Meantime, Adani Group chairman, Gautam Adani said at the India Global Forum on ‘Energy transition – the Balancing Act’, that the Adani Group has already caught up with its renewables target of 25 GW a full four years ahead of schedule and its green energy arm is on track to be the world’s largest renewable energy company by 2030.
“Our newer infrastructure builds are focused on renewable energy. In 2020, we became the largest solar company in the world – a journey we started in 2015. And last month, we caught up to our renewables target of 25 gigawatts a full four years ahead of schedule. Our green energy arm is on track to be the world’s largest renewable energy company by 2030. I know of no other organisation in the world that has accelerated its renewables footprint as rapidly as the Adani Group,” he said.
The group is now doubling its solar cell and module manufacturing capacity to 4 gigawatts and expanding the domestic manufacturing ecosystem for renewables business, including a new wind turbine manufacturing cluster in Mundra.
According to Adani, the Group’s different businesses are aligned not just with India’s climate change goals but also with the global drive towards net-zero emissions and every new business is driven by sustainability goals.
He said the group will carefully balance its energy migration from carbon-positive to carbon-neutral, and further to carbon-negative.