The board of Adani Green on Monday approved agreements that would enable affiliates of French oil major, TotalEnergies, to invest $444 million to form a new joint venture (JV) with the company. Earlier, Adani Green and the French oil firm had inked a $300-million deal to build renewable capacity in India, where the bulk of energy requirements are still met by coal.
Adani Green, Adani Renewable Energy Sixty Four and TotalEnergies Renewables Singapore will enter into definitive agreements for the proposed JV. Adani Green and TotalEnergies will each own 50% stake in the new entity. The French major, with its affiliates, holds a nearly 20% stake in Adani Green. The financial commitments for the proposed JV were not disclosed by the company.
The JV will house a portfolio of 1,150 megawatts of electricity, comprising a mix of operational and under-execution solar assets, Adani Green said in a statement.
“The transaction details are under discussion and subject to customary approvals and conditions. The parties will discuss and agree to these in the definitive agreements and, once agreed, these shall be disclosed in compliance with the requirements under applicable law,” the company said.
Adani Green has plans to add 35 gigawatt (GW) of solar capacity and 9 GW of wind capacity annually in order to reach the 2030 targets. India has envisaged to reach 500 GW of non-fossil power capacity by 2030.
Adani Group had earlier said that it is targeting an investment of over $100 billion over the next decade in the renewable energy segment.
The company registered an increase of 95% in its consolidated net profit for the first quarter of the current fiscal at Rs 629 crore against Rs 323 crore in Q1FY24.
From: financialexpress
Financial News
