Clifford Chance seals the deal for India's Adani Group

Clifford Chance seals the deal for India's Adani Group

The deal worth $3.5 billion enables Adani Green Energy Limited on its acquisition of SB Energy's 5 GW India renewable power portfolio

International law firm Clifford Chance has advised India's Adani Group to expand its renewable energy portfolio with the acquisition of SB Energy.

Adani Green Energy Limited (AGEL) has acquired a 100 per cent interest in SB Energy Holdings Limited from Soft Bank Group Corp. (80 per cent) and Bharti Group (20 per cent).

AGEL entered into two separate sale-purchase agreements with the selling shareholders, which were both announced on 19 May 2021.

SB Energy Holdings Limited has a total renewable portfolio of 4,954 MW spread across four states in India. This includes 84 per cent solar capacity, nine per cent wind-solar hybrid capacity and seven per cent wind capacity.

The transaction marks the largest acquisition in the renewable energy sector in India, valuing SB Energy Holdings Limited at an enterprise value of approximately $3.5 billion.

The homegrown Indian company AGEL intends to become the global leader in sustainable energy transition globally. The acquisition of SB Energy makes it one of the largest renewable energy platforms in the world. The closing of each acquisition is subject to customary approvals and conditions.

The deal follows on from Clifford Chance's work advising Adani in respect of Total's investment in AGEL in late 2020.

The deal team was led by Partner David Lewis, with support from Senior Associate Anthony Santangeli, Associates Catherine Freeman and Lucy Roberts and Trainee Lewis Whiteoak.