In one of the largest acquisition in the renewable energy sector in India, Adani Green Energy Limited (AGEL) is set to acquire 100 per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group (20 per cent).
The transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion.
The two sides on Wednesday signed share purchase agreements for the deal.
SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India.
The target portfolio consists 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 1,400 MW operational solar power capacity and a further 3,554 MW is under construction.
All projects have 25 year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India Ltd (SECI), NTPC Limited and NHPC Limited.