AGEL to acquire 100 per cent stake in SB Energy

AGEL has signed share purchase agreements for 100 per cent acquisition of SB Energy Holdings Limited, which has a 4,954 MW portfolio of renewable energy projects in India. AGEL will acquire an 80 per cent stake from SoftBank Group Corporation and a 20 per cent stake from Bharti Enterprises Limited. The transaction values SB Energy at about $3.5 billion. The target portfolio will comprise 1,400 MW of operational solar power capacity and 3,554 MW of projects under construction. All the projects have 25-year PPAs with SECI, NTPC Limited and NHPC Limited. This transaction is the largest acquisition in the Indian renewable energy sector. Following this, AGEL’s total renewable energy capacity will reach 24.3 GW, with an operating renewable capacity of 4.9 GW.