/https://specials-images.forbesimg.com/imageserve/60a49f6a98b1cefb805ea3fe/0x0.jpg?cropX1=0&cropX2=4076&cropY1=119&cropY2=2413)
Gautam Adani attends a reception on February 1, 2020 in New Delhi, India.
Manoj Verma/Hindustan Times via Getty Images
Adani Green, the renewable energy producer controlled by Indian billionaire Gautam Adani, said it has agreed to buy SB Energy India from SoftBank Group (SBG) and Bharti Enterprises for $3.5 billion.
The acquisition of SB Energy India, which has a portfolio of solar and wind energy assets with a combined electricity generating capacity of 4.9 gigawatts across India, brings Adani Energy closer to achieving its goal of becoming the world’s largest solar energy producer by 2025 and the biggest renewable energy company by 2030.
“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,” Group Chairman Adani said in a statement. With this acquisition, Adani Green said it will achieve total renewable capacity of 24.3 gigawatts and operating renewable capacity of 4.9 gigawatts.
Established in 2015, SB Energy is owned 80% by Japanese billionaire Masayoshi Son’s SoftBank Group and 20% by Bharti Enterprise. Its assets comprise solar-powered generators with a combined capacity of 4.2 gigawatts. It also has hybrid wind-solar facilities generating 450 megawatts of electricity and wind farms with 324 megawatts of capacity.
“We are immensely proud of all that we have accomplished,” Son said in a statement. “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.”
Adani was ranked as the second-richest Indian on the World’s Billionaires List in April this year, with a net worth of $50.5 billion. Adani and his family have interests in ports, mining, power generation, edible oils, real estate and defense.
Unfazed by the pandemic-induced travel slowdown, Adani, who aspires to be India’s airport king, acquired a 74% stake in Mumbai airport, the country’s second-busiest, last September. The group is also looking for opportunities to invest in energy, infrastructure and technology projects outside of India. Last week, it opened a regional headquarters in Singapore, an ideal launch pad for partnerships across Southeast Asia.