Ahmedabad, May 19 : In one of the largest acquisition in the renewable energy sector in India, Adani Green Energy Limited (AGEL) is set to acquire 100 per cent interest in SB Energy India from SBG (80 per cent) and Bharti Group (20 per cent). The transaction values SB Energy India at an enterprise valuation of approximately $3.5 billion. The two sides on Wednesday signed share purchase agreements for the deal. SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. The target portfolio consists large scale utility assets with 84 per cent solar capacity (4,180 MW), 9 per cent wind-solar hybrid capacity (450 MW) and 7 per cent wind capacity (324 MW). The portfolio comprises 1,400 MW operational solar power capacity and 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 Ltd (SECI), NTPC Limited and NHPC Limited. The operating assets forming part of the portfolio are primarily solar park based projects and have been built following best in class governance, project development, construction, and operations and maintenance practices, resulting in this being one of the highest quality renewable portfolios in the country, AGEL said in a statement. With this acquisition, AGEL will achieve total renewable capacity of 24.3 GW and operating renewable capacity of 4.9 GW. This acquisition 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. The closing of the transaction is subject to customary approvals and conditions, the company said. Gautam Adani, Chairman, Adani Group, said: "This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world's largest solar player by 2025 and thereafter the world's largest renewable company by 2030. India, without any doubt, has been one of the few nations that has accelerated its global commitment towards climate change and we intend to do our part to execute on the promises made. The renewable energy platform that we are building will lay the foundation for attracting several other global industries that are increasingly looking to reduce their carbon footprint (as well as lay the foundation for opening up adjacent platforms that include Hydrogen and Storage)." "We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves. The quality of assets that SoftBank and the Bharti Group have built are excellent and I compliment their efforts to support India's renewable energy transition. We are proud to take their legacy forward." Sunil Bharti Mittal, Chairman, Bharti Enterprises, said: "I am delighted that SB Energy has found a good home to carry on its pioneering journey of building a foremost renewable energy company in India. Adani Group has an outstanding track record of building a green energy powerhouse which will get further acceleration with the combination of SB Energy into its fold. I am glad that Bharti could play a constructive role in partnership with SoftBank." Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp, said: "We established SB Energy India in 2015 with the goal of creating a market-leading clean energy company to help fuel India's growth with clean and renewable sources of energy. We are immensely proud of all that we have accomplished. As SBG continues our transition to a global investment holding company focused on accelerating the deployment of artificial intelligence, we believe now is the right time to bring in the Adani Group to help drive the next phase of SB Energy India's growth." AGEL, a part of India-based Adani Group, has one of the largest global renewable portfolios with 19.3 GW of operating, under-construction and awarded projects, and locked-in growth projects catering to investment-grade counterparties. /IANS