Published May 19, 2021, 2:38 PM
Given the worsening civil strife tearing down Myanmar, Ayala-led firm AC Energy Corporation indicated that it is temporarily slowing down on its renewable energy ventures in that country.
“Regarding Myanmar, we will have to wait until the situation stabilizes before we can expand,” AC Energy President and CEO Eric T. Francia said.
Eric Francia, president and CEO of AC Energy Inc. of the Ayala group
He nevertheless qualified that despite the conflict-ridden situation of Myanmar these days, “we remain hopeful and still recognize the country’s long term potential.”
It was in October 2019 when the Ayala firm made pronouncements on the joint venture deal it cemented with Yoma Strategic Holdings Ltd., its partner for that specific offshore market.
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- Projects are contracted to sell power under 25 years PPAs with sovereign rated counterparties
- The transaction is for a fully completed enterprise valuation of approximately USD 3.5 billion (~Rs. 26,000 Cr.)
- This transformational acquisition will enable AGEL to reach renewable portfolio of 25 GW four years ahead of the target
AHMEDABAD, India, May 19, 2021 /PRNewswire/ Adani Green Energy Limited (AGEL), today signed share purchase agreements for the acquisition of 100% interest in SB Energy India from SBG (80%) and Bharti Group (20%). SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The transaction marks the largest acquisition in the renewable energy sector in India. The transaction values SB Energy India at an enterprise valuation of approximately USD 3.5 billion.
Adani Green Energy (AGEL) rose 3.17% to Rs 1,236.90 after the company signed share purchase agreements for the acquisition of 100% interest in SB Energy India from SoftBank Group (SBG) (80% stake) and Bharti Group (20% stake).
SB Energy India has a total renewable portfolio of 4,954 MW (mega-watt) spread across four states in India. The cash transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion (approx. Rs 26,000 cr.), making it the largest acquisition in the renewable energy sector in India.
The target portfolio of Adani Green Energy (AGEL) consists large scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW). The portfolio comprises of 1,400 MW operational solar power capacity while a further 3,554 MW is under construction. All projects have 25-year PPAs with sovereign rated counterparties such as Solar Energy Corporation of India (SECI), NTPC and NHPC.
Largest Indian renewables deal as Adani buys rival
The $3.5bn deal to buy SB Energy will include a near-5GW renewables portfolio, with nearly 900MW of wind and wind-solar hybrid capacity
by Craig Richard
Adani chairman Gautam Adani said the company aims to become the world’s biggest renewables company by 2030
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