Connect with us

Hi, what are you looking for?

CleanTechnica
CleanTechnica-Solar-Panel-Farm-1-scaled watermark
Image by CleanTechnica

Clean Power

SoftBank To Exit India Solar Business In US$3.5 Billion Deal

After months of speculation, SoftBank is ready to exit India’s renewable energy business. The Japanese investor will sell its entire stake in SB Energy to a competitor.

According to regulatory filings, SoftBank is set to sell its entire stake in SB Energy to Adani Green Energy, one of India’s largest renewable energy companies. Bharti Enterprises is also expected to sell its 20% share in the joint venture which, at one point, also had Foxconn Technologies as a partner. The total value of the transaction is reported at US$3.5 billion, including debt.

With this acquisition, Adani Green Energy will add 4.9 gigawatts of renewable energy capacity to its burgeoning portfolio. Adani Green Energy will now have 24.3 gigawatts of renewable energy capacity in its portfolio, just 0.7 gigawatts short of the 25-gigawatt target it had set for 2025.

SoftBank had entered the Indian renewable energy market in 2015 with high ambitions. It had partnered with Bharti Enterprises and Foxconn Technology to invest US$20 billion to set up 20 gigawatts of renewable energy capacity in India.

Over the last few months, SoftBank has been in discussion with the Canadian Pension Plan Investment Board (CPPIB) for the stake sale. According to media reports, the pension board had set a number of conditions to execute the deal, including timely commissioning of projects and SoftBank taking responsibility of all future penalties.

Adani Green Energy shares rallied to all-time high of Rs 1,315 (US$18.05) a piece after the company filed a note with the stock exchanges. The shares have already rallied 23% since the start of this year.

 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 

Advertisement
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

An avid follower of latest developments in the Indian renewable energy sector.

Comments

You May Also Like

Clean Power

Welcome to another issue of our India x Cleantech series! On a monthly basis, we are pulling news from across clean technology sectors in...

Climate Change

Largely Unregulated Gas Pipelines Huge Source of Methane Pollution The largest source of leaks of the potent greenhouse gas methane may be the spider...

Clean Power

By Laurie Stone This past year saw many memorable moments, from vaccine rollouts to a new Ghostbusters movie to Bernie Sanders’ mittens going viral. But it also...

Clean Power

Lessons from renewable energy growth in China, India, Indonesia, Bangladesh, and Vietnam. Originally published on WRI’s Resource Institute. By Tatsatom Gonçalves and Emily Kaldjian  Nowhere in the world...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.