Adani Green eyes $650-mn SoftBank's SB Energy buy

Adani Green Energy, owned by Gautam Adani, is in advanced negotiations to acquire SoftBank Group Corp-owned SB Energy Holdings involving an investment of over $650 million. Adani Green is exploring a buyout of the renewable energy company through an all-stock deal. The advanced talks gained momentum after negotiations with Canada Pension Plan Investment Board to buy SB Energy from SoftBank broke down.

SB Energy has 4,855 megawatts of renewable capacity in India, including an operational capacity of 1,400 megawatts, as of March 2021, according to a report from Care Energy. A deal could help Adani Green to reach its planned generation capacity of 25 gigawatts by 2025 as its existing renewable energy portfolio has 15.4 gigawatts across 11 states in India. A spokesperson for CPPIB said they continue to explore opportunities for new investments in India, including in the renewables energy sector.