Adani Green Energy (AGEL), one of the world’s top solar developers announced today the completion of the acquisition of SB Energy India from SoftBank Group, adding to its portfolio 5GW of renewables projects spread across four states in India. The transaction valued SB Energy at a total enterprise value of $3.5 billion.

The acquired portfolio includes 4.2GW of solar capacity, 450 MW of wind-solar hybrid capacity and 324 MW of wind capacity, with 1.7 GW currently in operation, and the remainder under or near construction. According to Adani, all of the projects are under 25 year PPAs.

Mr. Vneet S. Jaain, MD & CEO, AGEL, said:

“This transaction takes us closer to becoming the global leader in renewables. The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy’s intent to accelerate India’s efforts to transition towards a carbon neutral future. Our renewable energy foundations will enable an entire ecosystem of new industries that can be expected to catalyse job creation in multiple sectors.”

The transaction follows the acquisition earlier this year by TotalEnergies of a 20% stake in AGEL from India-based infrastructure company Adani Group. With today’s announcement, TotalEnergies adds a net capacity of 1.4 GW to its renewables portfolio, advancing its goal to significantly increase its renewable power generation capacity over the next several years.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said:

“We would like to congratulate AGEL’s management for closing this major transaction, which is reinforcing its leadership position in India and its capacity to contribute actively to the country’s sustainable development, an objective that TotalEnergies shares with Adani Group. This transaction and our partnership with AGEL are key contributors to the Company’s objective of reaching 35 GW of gross production capacity from renewable sources by 2025 and to be among the world’s top 5 in renewable energies by 2030.”