With this agreement, SB Energy India is now a 100% subsidiary of AGEL. Previously, it was an 80:20 joint venture between the Japanese SoftBank Group and the Bharti Group.
“The acquired portfolio comprises 100% of sovereign rated counterparties. The average portfolio price is Rs. 2.75 per unit, ”according to the company’s press release.
He added that the transaction ties SB Energy India to a business valuation of around Rs 26,000 crore and marks the largest acquisition in the renewable energy sector in India.
“The addition of these large-scale, high-quality assets from SB Energy India demonstrates AGEL’s intention to accelerate India’s efforts to transition to a carbon neutral future. Our renewable energy foundations will enable an entire ecosystem of new industries that are expected to catalyze job creation across multiple sectors, ”said Vneet S Jaain, CEO and CEO of AGEL.
The company added that with this acquisition, its operating portfolio stands at 5.4 GW and its overall portfolio stands at 19.8 GW, implying locked-in quadruple growth. AGEL’s counterparty mix for its overall portfolio of 19.8 GW is further strengthened with 87 percent of sovereign rated counterparties.
SB Energy India has 5 GW of renewable assets in four Indian states. The portfolio holds 1,700 MW of operational renewable assets, 2,554 MW of assets under construction and 700 MW of assets close to construction.