Adani Green Energy Ltd has announced that its Board of Directors has approved the execution of binding documents, including a joint venture agreement, with Adani Renewable Energy Sixty-Four Limited (ARE64L) and TotalEnergies Renewables Singapore Pte Limited (TotalEnergies).
Under the agreement, TotalEnergies, a French multinational integrated energy and petroleum company, will invest approximately $444 million, either directly or through its affiliates, to create a new 50:50 joint venture with Adani Green.
Adani Green, which controls the renewable energy portfolio for the Indian majority-owner conglomerate Adani Group, is also minority-owned by TotalEnergies.
The new joint venture will manage a portfolio of 1,150 MWac (megawatt alternating current), consisting of both operational and under-development solar assets. This portfolio will include a mix of merchant-based and Power Purchase Agreement (PPA) based projects.
“The joint venture will house a 1,150 MWac (Mega-Watt Alternating Current) solar power portfolio in a mix of operational and under execution assets, with a blend of both merchant-based as well as PPA-based projects,” the company said.
Ahmedabad-headquartered Adani Green Energy’s shares finished 5.27% higher at ₹1,935.00 on the National Stock Exchange (NSE).
