France’s TotalEnergies SE will invest $300 million in a new joint venture with Adani Green for renewable energy project, the conglomerate said in a filing with stock exchanges on Wednesday.
“Adani Green Energy Limited (AGEL) and TotalEnergies have entered into a binding agreement to create a new JV, equally owned by TotalEnergies and AGEL, with a 1,050 MW portfolio,” the company stated.
Adani Green added, “Total will make a further investment (either directly or through its affiliates) of USD 300 million to form a new 50:50 joint venture company” with AGEL.
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“This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power. AGEL will contribute to the JV the assets and TotalEnergies an equity investment of 300 MUS$ which will further support their development,” the Adani Group’s renewable energy arm stated.
Adani Group chairman Gautam Adani in the statement said, “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.”