Adani Green Energy surges after signing deal with Total for USD 510 mn

The balance 50% stake in the joint venture shall be held by the company, the company said in the regulatory filing on Thursday.

Feb 14, 2020 04:02 IST India Infoline News Service

Adani Green Energy
Shares of Adani Green Energy soared 4% on the BSE in the morning trade. The company has entered into a binding agreement with Total Gas & Power Business Services SAS (Total) for the investment of USD 510 million for the acquisition of 50% stake and other instruments in a joint venture company which will house 2,148 MWac operating solar projects presently owned 100% by the company.

The balance 50% stake in the joint venture shall be held by the company, the company said in the regulatory filing on Thursday.

Binding Arrangement has been entered into for investment of approximately USD 510 Million for the acquisition of 50% stake and other instruments in a Joint Venture Company (JVCo) which will house 2,148 MWac operating solar projects presently 100% owned by the Company. The balance 50% stake in the JVCo shall be held by the Company, the company added.

The stock is currently trading at Rs206.80, up by Rs7.05 or 3.53% from its previous closing of Rs199.75 on the BSE.

The scrip opened at Rs204.30 and has touched a high and low of Rs209.70 and Rs201.40 respectively.

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