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. “Adani Green Energy Limited (AGEL), today signed share purchase agreements for the acquisition of 100% interest in SB Energy India from SBG (80%) and Bharti Group (20%). SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India," the statement said. The valuation of SB Energy in the proposed deal with CPPIB was lower than the one expected by the renewable energy industry.

Source: Mint May 19, 2021 04:18 UTC