Adani Green Energy (AGEL), part of the India-based Adani Group, has completed its previously announced acquisition of SB Energy India for Rs260bn ($3.5bn).
In May, AGEL signed share purchase agreements with SoftBank Group (SBG) and Bharti Group to acquire a 100% interest in SB Energy India.
SBG previously held an 80% stake in SB Energy India, with the remaining 20% stake owned by Bharti Group.
With the deal now completed, SB Energy India will join AGEL as a wholly owned subsidiary.
The transaction is said to be the largest in India’s renewable energy segment.
AGEL managing director and CEO Vneet Jaain said: “The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy’s intent to accelerate India’s efforts to transition towards a carbon neutral future.
“Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyse job creation in multiple sectors.”
SB Energy India currently has renewable assets with 5GW of total capacity located across four Indian states through its special purpose vehicles.
AGEL will now own SB Energy India’s portfolio, which consists of 4,180MW of solar capacity (84%), 450MW of wind-solar hybrid capacity (9%) and 324MW of wind capacity (7%).
The company said that 3,554MW of the portfolio’s total capacity is currently under construction, while 1,400MW of the solar capacity is operational.
The acquisition increases AGEL’s operational renewable capacity to 5.4GW and its overall portfolio by 19.8GW.
It will also support AGEL’s goal of becoming the world’s largest renewable power company by 2030.
Last month, Adani Group announced plans to invest $20bn in the renewable energy segment over the next ten years.
By 2025, the group aims to triple its clean energy generation capacity, power all its data centres with renewable energy, achieve net-zero operations at its ports and begin green hydrogen production.