Total Energies seeks to form 50:50 JV with Adani Green

21 Sep 2023 , 10:15 AM

According to sources, Total Energies of France is close to investing $300 million in a new joint venture business with Adani Green Energy that will contain approximately 1 GW of renewable energy projects.

According to the sources, the joint venture would be equally owned by the two corporations and will have a combination of solar and wind generation assets. The assets will include 250 MW of current capacity, 500 MW of facilities under construction, and 250 MW of planned projects.

The action represents a turnaround in the French energy major’s stance since it halted a $4 billion green hydrogen project with the Adani Group in February following the publication of a report on the group by Hindenburg Research.

While Total Energies will provide $300 million in equity to the project, Adani Green will offer renewable energy assets, according to the people, who asked not to be identified since the topic is private. Total Energies will also contribute 50% of the required capital investment for the 750 MW of under-construction and future assets.

The talks between the two corporations have progressed, and the joint venture is expected to be launched in the coming days, according to the sources.

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