27 Dec 2023 , 01:56 PM
TotalEnergies invests USD 300 million in a renewable energy joint venture with Adani Green Energy Ltd (AGEL), acquiring a 50% stake in AGEL subsidiary, as per an exchange filing on December 27.
AGEL completes a 1,050 MW joint venture with TotalEnergies, encompassing operational (300 MW), under construction (500 MW), and under development assets (250 MW) of solar and wind power projects in India.
The joint venture aligns with the binding agreement announced in September 2023, reinforcing TotalEnergies’ strategic alliance with AGEL.
The transaction supports AGEL’s goal of reaching 45 GW capacity by 2030.
AGEL plans to raise Rs 9,350 crore by issuing preferential warrants to promoters, intending to achieve its 45 GW green energy capacity target by 2030.
The board approves a preferential issue of 63.14 million warrants at Rs 1,480.75 each, constituting 3.833% of AGEL’s share capital, for deleveraging and accelerating capital expenditure.
AGEL executes a power purchase agreement with Solar Energy Corporation of India for the supply of 1,799 MW of solar power, marking the final segment of an 8,000 MW manufacturing-linked solar tender secured in 2020.
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