Gujarat Exclusive > Gujarat news > CCI approves Adani Green’s acquisition of SB Energy

CCI approves Adani Green’s acquisition of SB Energy

0
320

India’s anti-monopoly regulator—the Competition Commission of India (CCI)—has approved billionaire Gautam Adani’s Adani Green Energy Limited’s (AGEL) acquisition of SB Energy. In a statement, the Ministry of Corporate Affairs said that the CCI has approved the acquisition under the Competition Act, 2002.

SB Energy has a total renewable portfolio of 4,954 MW spread across four states in India. AGEL had on May 19 signed share purchase agreements for the acquisition of 100 per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group (20 per cent). Notably, SB Energy India is a joint venture between Japan-based SoftBank Group Corp. (SBG) and Bharti Group.

SB Energy’s portfolio

SB Energy’s portfolio consists of large scale utility assets with 84 per cent solar capacity (4,180 MW), 9 per cent wind-solar hybrid capacity (450 MW) and 7 per cent wind capacity (324 MW).

The portfolio comprises of 1,400 MW operational solar power capacity and a further 3,554 MW is under construction. All projects have 25-year power purchase agreements (PPAs) with sovereign-rated counterparties such as Solar Energy Corporation of India Ltd. (SECI), NTPC Limited and NHPC Limited.

Adani’s ambitious plans

With this acquisition, AGEL will achieve a total renewable capacity of 24.3 GW and an operating renewable capacity of 4.9 GW. The acquisition is part of Gautam Adani’s strategy to make AGEL the world’s largest solar player by 2025 and the largest renewable company by 2030.

Meanwhile, the stock of AGEL ended the day in the red. It declined by 5 per cent on Thursday to touch 1,068.70. In the last 5 days, it has declined by 7.55 per cent while the fall is 17.78 per cent if the data for the past one month is considered.

 

To read the latest news in Gujarati click here