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Softbank scraps deal with Canada Pension Plan Investment Board

Friday, 14 May 2021
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Softbank Group has abandoned its plans to divest its renewable business in India -- SB Energy Holdings .

The Japanese technology and telecoms conglomerate have terminated its agreement to sell its 80 percent stake in the joint venture to Canada Pension Plan Investment Board (CPPIB).

The plan, for now at least, is to continue running the business together with its original JV partner Bharti Enterprises.

Set up in 2015, SB Energy is an 80:20 alliance between Softbank Group and Bharti Enterprises that had a target of setting up 20 GW of clean energy projects with an investment of USD 20 billion over 10 years.

In December 2020, CPPIB had signed a share purchase agreement (SPA) with Softbank to buy their controlling stake for USD 425 million. An additional USD 100 million were to be paid subject to future outcomes, said people aware of the development.

The negotiations with CPPIB were expected to conclude in March 2021 subject to conditions precedent (CPs) sought by the Canadian fund related to SB Energy’s project timelines, cost-returns projections and debt.

SB Energy claims has a 7.7 GW pipeline of projects in India and the US and will reach its 20 GW targets within the next five years. It has almost two GW of operating renewable energy capacity in India, two GW under construction, and an additional 3,700 MW under ‘active development’ with contracts in hand.

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