Adani Green to acquire Softbank-backed SB Energy in $3.5 billion deal

Renewable energy company Adani Green is all set to acquire Softbank-backed SB Energy. The deal will allow Adani Green to achieve its targeted renewable energy portfolio of 25 gigawatts four years ahead of its expected timeline.

Indian renewable energy company Adani Green Energy Ltd said on Wednesday it would buy SoftBank Group Corp-backed SB Energy Holdings Limited for an enterprise value of $3.5 billion. It would buy the 80% stake held by SoftBank Group Capital Limited and the rest owned by Indian conglomerate Bharti Global Limited in a cash deal, the company said in a filing to the stock exchanges. The deal would allow Adani Green to achieve its targeted renewable portfolio of 25 gigawatts (GW) four years ahead of its expected timeline, the company said.