Adani Green, Total Energies form $444 Million JV

3 Sep 2024 , 11:06 AM

Adani Green Energy Ltd has stated that its Board of Directors has approved the signing of binding agreements, including a joint venture agreement, with Adani Renewable Energy Sixty Four Limited (ARE64L) and TotalEnergies Renewables Singapore Pte (TotalEnergies).

According to the deal, TotalEnergies, a French multinational integrated energy and petroleum corporation, will invest roughly $444 million, either directly or through its affiliates, to form a new 50:50 joint venture with Adani Green.

TotalEnergies owns a minority stake in Adani Green, which manages the Indian conglomerate Adani Group’s renewable energy portfolio.

The new joint venture will manage a portfolio of 1,150 MWac (megawatt alternating current) solar assets, including both operational and under-development projects. This portfolio will consist of a combination of merchant-based and Power Purchase Agreement (PPA) projects.

Adani Green Energy Limited (AGEL) is a solar, wind, and hybrid power plant developer, owner, and operator based in India. It is one of India’s major renewable energy firms and a global pioneer in renewable energy solutions.

At around 10.22 AM, Adani Green Energy was trading 1.65% lower at ₹1,913.75 per piece, against the previous close of ₹1,945.70 on NSE. The counter touched an intraday high and low of ₹1,957.50, and ₹1,912.20, respectively.

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