CCI nod to Adani Green's acquisition of 100% stake in SB Energy

The Competition Commission of India (CCI) has approved the acquisition of SB Energy Holding Limited by Adani Green Energy Limited. Under Section 31(1) of the Competition Act, 2002, the CCI gave its nod to the acquisition of the entire stake in SB Energy. The transaction marks this largest acquisition in the renewable energy sector in India. It values SB Energy India at an enterprise valuation of around $3.5 billion.   Adani Green Energy in May signed a pact to acquire a 100 per cent stake in SoftBank group subsidiary SB Energy India. Gautam Adani, Chairman, Adani Group, had earlier said the quality of assets that SoftBank had built were "excellent" and that the company was proud to take their legacy forward.

SB Energy India has a total renewable portfolio of 4,954MW spread across four states in India. SB Energy's has a portfolio that 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 also comprises a 1,400 MW operational solar power capacity and a further 3,554 MW project that's under construction.

SoftBank Energy, through various special purpose vehicles ("SPVs"), is also engaged in the generation, supply and sale of electricity and energy produced from renewable sources. It is the ultimate holding company for SPVs formed in India that focus on developing renewable energy projects   Adani Green Energy, a part of the Adani group, is engaged in the business of power generation through renewable energy. Adani group is a homegrown multinational conglomerate comprising six publicly traded companies. Adani Green Energy and its subsidiaries are engaged in the business of power generation via solar energy, wind energy and hybrid energy.

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