Adani Green finalises joint venture with TotalEnergies, raises $300 million
Adani Green Energy Limited (AGEL) announced on Wednesday that it had finalised its 1,050-megawatt joint venture (JV) with TotalEnergies. TotalEnergies has invested about $300 million in the AGEL subsidiary, acquiring a 50% stake in the JV’s projects. In a regulatory filing, Adani Green wrote: "Further to the execution of the joint venture agreement, the company and TotalEnergies owns a 50:50 stake in ARE9L.
ARE9L in-turn houses a 1,050 MW project portfolio. TotalEnergies has acquired a 50% stake in ARE9L for an amount of $300 million." The binding agreement for the JV was announced in September. ARE9L, the joint venture, houses a 1,050 MW portfolio comprising a mix of an already operational capacity of 300 MW, under-construction capacity of 500 MW, and under-development assets of 250 MW including both solar and wind projects in India.
AGEL said the JV would help it achieve its target of 45 GW of renewable-energy capacity by 2030. TotalEnergies is a French multi-energy company that produces and markets energy commodities including oil and biofuels, natural gas and green gases, renewables and electricity. It operates in 130 countries.
On Tuesday AGEL announced it had raised ₹9,350 crore by issuing preferential warrants to its promoters. Earlier this month the company had announced a $1.36-billion facility with funding from eight international banks for the construction of 2,167 MW of solar-power projects in Khavda, Gujarat. In the September quarter, the company reported a 149% year-on-year jump in consolidated net profit to ₹372 crore.
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