Indian renewable energy company Adani Green Energy Ltd said on Wednesday it would buy SoftBank Group Corp-backed SB Energy Holdings Limited for an enterprise value of $3.5 billion.

It would buy the 80% stake held by SoftBank Group Capital Limited and the rest owned by Indian conglomerate Bharti Global Limited in a cash deal, the company said in a filing to the stock exchanges.

                                 

The deal would allow Adani Green to achieve its targeted renewable portfolio of 25 gigawatts (GW) four years ahead of its expected timeline, the company said.

Privately held SB Energy was established in 2011 and is involved in the generation, supply and sale of electricity and energy produced from renewable sources. SoftBank Chief Executive Masayoshi Son is the company's chairman.

A record 260 GW of new renewable energy capacity was added worldwide in 2020, up 50% from a year ago, the International Renewable Energy Agency said in April, as countries further reduced their reliance on fossil fuel power.