October 4 (Renewables Now) – Indian renewables developer Adani Inexperienced Power Ltd (BOM:541450) mentioned at present it has closed the USD-3.5-billion (EUR 3.02bn) acquisition of SB Power Holdings Ltd, which owns a roughly 5-GW renewables portfolio in India.
The all-cash deal makes SB Power Holdings, also called SB Power India, a 100% subsidiary of the Indian photo voltaic developer. The acquired entity was beforehand collectively owned by Japan’s SoftBank Group, which held an 80% stake, and Bharti Group of India with 20%.
SB Power’s portfolio consists of operational and under-construction renewable vitality property with a mixed capability of 4,954 MW, situated throughout 4 states, together with 1,700 MW of crops in operation, 2,554 MW beneath building and 700 MW nearing building. The majority of the general capability, totalling 4,180 MW, comes from utility-scale photo voltaic property, whereas 450 MW is from hybrid wind-solar parks and 324 MW from wind farms. All tasks have 25-year energy buy agreements (PPAs) in place with sovereign-rated counterparties akin to Photo voltaic Power Company of India Ltd and NTPC Ltd.
The deal, touted as the biggest acquisition within the Indian renewable vitality market, expands Adani Inexperienced’s portfolio to 19.8 GW and its operational fleet to five.4 GW. The Indian agency has pledged to pour over USD 20 billion to develop its renewable energy era enterprise within the subsequent 10 years.
The acquisition of SB Power Indian was agreed in Could.
(USD 1.0 = EUR 0.862)
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