PR89590

Adani Green Energy to acquire SB Energy's 5 GW India renewable power portfolio for a fully completed EV of USD 3.5 billion - India's largest renewables M&A transaction

AHMEDABAD, India, May 19, 2021 /PRNewswire=KYODO JBN/ --

- AGEL has signed definitive agreements for 100% acquisition of SB Energy

Holdings Limited ("SB Energy India")

- Projects are contracted to sell power under 25 years PPAs with sovereign

rated counterparties

- The transaction is for a fully completed enterprise valuation of

approximately USD 3.5 billion (~Rs. 26,000 Cr.)

- This transformational acquisition will enable AGEL to reach renewable

portfolio of 25 GW four years ahead of the target

    Adani Green Energy Limited (AGEL), today signed share purchase agreements

for the acquisition of 100% interest in SB Energy India from SBG (80%) and

Bharti Group (20%). SB Energy India has a total renewable portfolio of 4,954 MW

spread across four states in India. The transaction marks the largest

acquisition in the renewable energy sector in India. The transaction values SB

Energy India at an enterprise valuation of approximately USD 3.5 billion.

    The target portfolio consists large scale utility assets with 84% solar

capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind

capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power

capacity and a further 3,554 MW is under construction. All projects have 25

year PPAs with sovereign rated counterparties such as Solar Energy Corporation

of India Ltd. (SECI), NTPC Limited and NHPC Limited. The operating assets

forming part of the portfolio are primarily solar park based projects and have

been built following best in class governance, project development,

construction, and operations and maintenance practices, resulting in this being

one of the highest quality renewable portfolios in the country.

    With this acquisition, AGEL will achieve total renewable capacity of 24.3

GW 1 and operating renewable capacity of 4.9 GW. This acquisition demonstrates

AGEL's intent to be the leader in sustainable energy transition globally and

makes it one of the largest renewable energy platforms in the world. The

closing of the transaction is subject to customary approvals and conditions.

    Mr. Gautam Adani, Chairman, Adani Group, said: "This acquisition is another

step towards the vision we stated in January 2020, wherein we laid out our

plans to become the world's largest solar player by 2025 and thereafter the

world's largest renewable company by 2030. India, without any doubt, has been

one of the few nations that has accelerated its global commitment towards

climate change and we intend to do our part to execute on the promises made.

The renewable energy platform that we are building will lay the foundation for

attracting several other global industries that are increasingly looking to

reduce their carbon footprint (as well as lay the foundation for opening up

adjacent platforms that include Hydrogen and Storage). We are well on our way

to achieve our stated solar portfolio targets four years before the deadline we

set for ourselves. The quality of assets that SoftBank and the Bharti Group

have built are excellent and I compliment their efforts to support India's

renewable energy transition. We are proud to take their legacy forward."

    Mr. Masayoshi Son, Representative Director, Corporate Officer, Chairman &

CEO of SoftBank Group Corp., said: "We established SB Energy India in 2015 with

the goal of creating a market-leading clean energy company to help fuel India's

growth with clean and renewable sources of energy. We are immensely proud of

all that we have accomplished. As SBG continues our transition to a global

investment holding company focused on accelerating the deployment of artificial

intelligence, we believe now is the right time to bring in the Adani Group to

help drive the next phase of SB Energy India's growth."

    Mr. Sunil Bharti Mittal, Chairman, Bharti Enterprises, said: "I am

delighted that SB Energy has found a good home to carry on its pioneering

journey of building a foremost renewable energy company in India. Adani Group

has an outstanding track record of building a green energy powerhouse which

will get further acceleration with the combination of SB Energy into its fold.

I am glad that Bharti could play a constructive role in partnership with

SoftBank."

    About Adani Green Energy Limited

    Adani Green Energy Limited ("AGEL"), a part of India-based Adani Group, has

one of the largest global renewable portfolios with 19.3 GW of operating,

under-construction and awarded projects, and locked-in growth projects catering

to investment-grade counterparties. The company develops, builds, owns,

operates and maintains utility-scale grid-connected solar and wind farm

projects. Key customers of AGEL include the National Thermal Power Corporation

("NTPC"), Solar Energy Corporation of India ("SECI") and various state discoms.

Mercom Capital, the US-based think tank has ranked the Adani Group as the #1

global solar power generation asset owner.

    (1) The capacity includes 4,500 MW of solar power capacity for which letter

of award is awaited

    For more information, please visit www.adanigreenenergy.com

    About SoftBank Group

    The SoftBank Group invests in breakthrough technology to improve the

quality of life for people around the world. The SoftBank Group is comprised of

SoftBank Group Corp. (TOKYO: 9984), an investment holding company that includes

stakes in telecommunications, internet services, AI, smart robotics, IoT and

clean energy technology providers; the SoftBank Vision Funds, which are

investing more than US$100 billion to help extraordinary entrepreneurs

transform industries and shape new ones; the US$5  billion SoftBank Latin

America Fund, the largest venture fund in that region, and the SB Opportunity

Fund, a US$100 million fund dedicated to investing in enterprises founded by

entrepreneurs of color in the U.S. To learn more, please visit

https://global.softbank

    About Bharti Enterprises

    Bharti Enterprises is one of India's leading business groups with

diversified interests in telecom, space, financial services, real estate,

hospitality, agri and food. Bharti has been a pioneering force in the Indian

telecom sector with many firsts and innovations to its credit. Bharti Airtel,

the group's flagship company, is a leading global telecommunications company

with operations in 18 countries across Asia and Africa. Airtel ranks amongst

the top three mobile service providers globally in terms of subscribers. Bharti

has JVs with several world leaders: SingTel, SoftBank & AXA amongst others.

Bharti in partnership with the UK Government recently acquired OneWeb - a Low

Earth Orbit (LEO) satellite constellation to provide high-speed, low-latency

broadband connectivity. Through its strategic investments, Bharti also has

presence in Mobile Internet and Renewables. Bharti Foundation, the group's

philanthropic arm, operates nearly 200 Satya Bharti Schools and supports over

800 government schools to ensure holistic education for over 275,000

underprivileged children in rural India.

    For more information, please visit https://www.bharti.com

    Contacts:

    Roy Paul

    roy.paul@adani.com

    Photo: https://mma.prnewswire.com/media/1513579/SB_Energy_Solar_Plant.jpg

    Logo: https://mma.prnewswire.com/media/1459130/Adani_Renewables_Logo.jpg  

    Source: Adani Green Energy Ltd