Clifford Chance

Clifford Chance advises Adani Green Energy Limited on its c.USD 3.5 billion acquisition of SB Energy's 5 GW India renewable power portfolio

International law firm Clifford Chance advised Adani Green Energy Limited ("AGEL") on its acquisition of a 100% interest in SB Energy Holdings Limited from SoftBank Group Corp. (80%) and Bharti Group (20%). 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, comprising 84% solar capacity, 9% wind-solar hybrid capacity and 7% 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 USD 3.5 billion. This demonstrates AGEL’s intent to be the leader in sustainable energy transition globally and makes it one of the largest renewable energy platforms in the world. 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.