Adani Green Energy Ltd (AGEL) is looking to buy Japan’s SoftBank Group Corp.’s majority stake in solar power producer SB Energy, said two people aware of the matter.
This follows the collapse of a plan to sell SoftBank’s entire 80% stake in SB Energy to Canada Pension Plan Investment Board (CPPIB) for an estimated $525 million. Adani Green has begun due diligence of SB Energy, the people cited above said, requesting anonymity. Mint broke the story online on Sunday.
SB Energy has a portfolio of 7.7 gigawatts (GW) in India. Bharti Enterprises Ltd owns the remaining 20% stake in the company. Bank of America and Barclays were handling the sale process.
