Adani Green Energy agreed to buy the 5GW portfolio of SB Energy in a deal valued at $3.5bn that is said to be the largest acquisition so far in Indian renewables.

Adani Green – which will have a 24GW PV-dominated development portfolio following the deal – will buy SB Energy outright, six years after it was formed by Japan’s Softbank to advance its own ambitions in India.

The purchaser claimed the SB Energy portfolio, which is almost all solar, represents one of the highest quality renewable portfolios in the country and would help Adani Green hit a 25GW capacity goal for 2025 early.

The chairman of parent company Adani Group, Gautam Adani, said the deal was another move in Adani Green’s bid to become “the world's largest solar player by 2025 and thereafter the world's largest renewable company by 2030.

“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.”

Oil supermajor Total in January this year tied up a deal for a 20% stake in Adani Green and deepened a long-standing solar partnership between the two, as part of the French group’s own renewable growth ambitions.

India has set out huge renewable growth plans under Prime Minister Narendra Modi, now focused around a 450GW goal for 2030.

Adani Green is one of a clutch of major developers pushing forward in the country, including Goldman Sachs-backed ReNew Power, which earlier this year announced a huge deal of its own ahead of a plan to list in New York.