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Adani Green shares hit 5% upper circuit on acquisition of SB Energy's renewable portfolio

The deal is expected to enable Adani Green Energy to achieve its target renewable portfolio of 25 GW, four years ahead of the timeline and takes the company’s present total renewable capacity to 24.3 GW and operating renewable capacity of 4.9 GW.

May 19, 2021 / 09:46 AM IST
Adani Green Energy Ltd.

Adani Green Energy Ltd.

 
 
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Adani Green Energy share price spiked 5 percent at open on May 19 after the company said it will acquire the renewable portfolio from SB Energy.

Adani Green Energy will acquire 5 GW of renewable power portfolio from SB Energy India for a fully completed enterprise evaluation (EV) of $3.5 billion (approx Rs 26,000 crore).

The share purchase agreement was signed on May 19 for the acquisition of 100 percent interest in SB Energy from SoftBank Group and Bharti Group, which held 80 percent and 20 percent stake, respectively.

Also Read: Adani Green Energy to acquire 5GW renewable portfolio from SB Energy for $3.5 billion

The stock was trading at Rs 1,257.95, up Rs 59.00, or 4.92 percent at 09:28 hours. It has touched an intraday high of Rs 1,258.85 and an intraday low of Rs 1,217.90.

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SB Energy has a total renewable portfolio of 4,954 MW in four states. This is the largest acquisition in India's renewable space.

The deal is expected to enable Adani Green Energy to achieve its target renewable portfolio of 25 GW, four years ahead of the timeline and takes the company’s present total renewable capacity to 24.3 GW and operating renewable capacity of 4.9 GW.

“This acquisition demonstrates Adani Green Energy’s intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. The closing of the transaction is subject to customary approvals and conditions,” a statement from the company read.
Moneycontrol News
first published: May 19, 2021 09:46 am

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