Adani Green Energy Limited (AGEL), the renewable energy company officially announced its absolute acquisition of SB Energy recently in a deal worth $3.5 billion (24,000 crores), the largest such transaction in India's renewable story.

Adani Green acquired both Masayoshi Son-led SoftBank Group and Bharti Group, which had an 80 percent and 20 percent in SB Energy respectively.

Adani Green will receive a kitty worth 4,954 MW of solar, wind, and solar-wind hybrid projects in the deal. 1,400 MW of these projects are operational, while the rest are in the pipeline. All of the projects have a 25-year power purchase agreement, as has been AGEL's modus operandi till now.

With this acquirement, Adani Green's capacity balloons to 24,300 MW (including 4,500 MW worth of solar projects for which the letter of awards are awaited), just 700 MW shy of its 25,000 MW target by 2025.

Gautam Adani, chairman, Adani Group, states, “This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world’s largest solar player by 2025 and thereafter the world’s largest renewable company by 2030. 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.”

Sunil Mittal, Chairman of Bharti Enterprises, states, "I am glad that Bharti could play a constructive role in partnership with SoftBank.”