In one of the largest deals in renewable energy in India, Adani Green Energy Ltd (AGEL) has acquired the portfolio of SB Energy at the enterprise value of $3.5 billion (Rs 25,574 crore approximately).
With this deal, SB Energy, a joint venture of SoftBank Group (SBG) and Bharti Enterprises created in 2015, will exit the Indian market.
Industry sources said SB Energy would no longer participate in project tenders in India.
SB Energy had been looking to sell its portfolio for close to two years, said executives. The company’s representations before the government for having dollar-based tariffs and awarding large capacities in bulk failed.
