SoftBank said it is focused on stepping up its investments in artificial intelligence. While the Japanese company is virtually exiting the renewable energy business in India, Adani has indicated that it will accelerate its investments in this market.
"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," said Gautam Adani, chairman of Adani Group. "We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves."
The power assets bring Adani Energy closer to achieving its goal of owning 25 GW of renewable energy capacity by 2025. It currently has 19.3 GW of operating, under-construction, awarded and locked-in growth projects under its belt. Locked-in projects have a period during which they cannot be sold.
Adani Energy is India's largest green energy company, and its moves are key to India's push to reach its goal of having 227 GW of renewable energy capacity by next year. The country currently has an installed capacity of 92.97 GW of renewable power, with an additional 50.15 GW in various stages of completion.