Adani Green to buy SB Energy India for an enterprise value of $3.5 billion
NEW DELHI : Adani Green Energy Ltd (AGEL) is set to buy Japan’s SoftBank Group Corp. and Bharti Enterprises Ltd owned solar power producer SB Energy India for an enterprise value of $3.5 billion, the firms said in a joint statement on Wednesday.
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 had begun due diligence of SB Energy last week as reported by Mint earlier. The sale follows SB Energy dropping its plan in July 2020 to raise $600 million through a dollar bond. SoftBank has invested more than $800 million in the business in the past five years.
