Adani Green finalises $3.5bn acquisition of SB Energy India

The transaction is considered the largest acquisition in the Indian renewable energy market

Indian renewable energy company Adani Green Energy Ltd (AGEL) has announced it has completed the $3.5 billion (£2.5bn) acquisition of SB Energy India.

SB Energy India has a portfolio of 5GW spread across four states in India.

The biggest part, nearly 84% of it, consists of solar capacity, while wind capacity makes up almost 7% with a further 9% being wind-solar hybrid.

The deal is touted as the largest acquisition in the Indian renewable energy market.

Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies which holds a 20% interest in AGEL, said: “This transaction and our partnership with AGEL are key contributors to the company’s objective of reaching 35GW of gross production capacity from renewable sources by 2025 and to be among the world’s top five in renewable energies by 2030.”

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