Adani Group’s renewables arm plans to acquire SoftBank’s energy unit at a valuation of $3.5bn. “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,” Adani said. The news comes after talks between Canada Pension Plan Investment Board and SoftBank fell through. SoftBank Energy India was a bet by the Japanese conglomerate in the renewable energy space besides their $200bn solar power generation project with Saudi Arabia and solar related investments in Japan. Adani has also been in a series of acquisitions in the renewables space, shifting away from coal.

SoftBank’s bonds were flat with its 6% Perp at 101.8, yielding 5.1% and Adani’s bonds were also nearly unchanged with Adani Green’s 6.25% 2024s at 111.3, yielding 2.9%.

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