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AHMEDABAD:
The renewable energy arm of Adani Group, Adani Green Energy Limited (AGEL) and France-based TotalEnergies have entered into a binding agreement to establish a new 50:50 joint venture, equally owned by TotalEnergies and AGEL. As part of the JV, TotalEnergies is all set to invest $300 million in the new entity which will hold a portfolio of 1,050 megawatts.
This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW) as well as under development assets (250 MW) with a blend of both solar and wind power, the company said in its regulatory filing.
“We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India’s glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030,” said Gautam Adani, chairman, Adani Group.
AGEL has one of the world’s largest renewable energy portfolios. The company’s shares jumped to Rs 1,012.5 a piece on BSE as the markets closed on Wednesday.
The completion of the transaction shall be upon satisfaction of customary closing conditions including the receipt of certain regulatory approvals.
Patrick Pouyanné, Chairman and CEO, TotalEnergies, said, “TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market. After our first joint-venture AGEL23 in 2020 and our acquisition of shares in AGEL in 2021, this new joint-venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets.”
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