Adani Green Energy news today: France-based oil giant TotalEnergies is close to finalising the creation of a 50:50 joint venture with Adani Green Energy, owned by one of India’s largest conglomerates- Gautam Adani-led Adani Group. People aware of the developments told the Economic Times that Total is nearing the decision to invest $300 million in this new undertaking, which would house around 1 GW of renewable energy projects. The discussions between the two companies have reached an advanced stage and the JV is likely to be announced in a few days.
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The equally-owned JV is poised to hold a mix of solar and wind power assets. The assets will consist of 250 MW of operating capacity, 500 MW of facilities under construction, and 250 MW of planned projects.
TotalEnergies’ half in this project will be in the form of equity investment. Adani Green will contribute with the renewable energy assets, sources told the publication on the condition of anonymity. The European company’s contribution will also extend to providing 50 per cent of the capital investment required for the 750 MW of under-construction and upcoming assets.
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TotalEnergies and the Adani Group already have the experience of running a joint venture together. Adani Total Gas is their listed company. Presently, TotalEnergies is the second-largest shareholder in Adani Green Energy with a stake of 19.75 per cent. The promoters of the company have about 56.27 per cent share. Reports had previously suggested that the French oil company could invest up to $700 million in the conglomerate’s subsidiary’s projects in a bid to expand its clean energy portfolio.
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The news of the potential investment follows Adani Green Energy’s statement in July, when the renewable energies arm of the ports-to-power conglomerate said it will be raising Rs 12,300 crore from a public sale of shares to institutional investors.
