TOTAL to invest USD 510 mn for 50% stake in 2,148 MWac solar power projects held by Adani Green
The Transaction underlines the AGEL and Total’s commitment to address India’s growing demand for power in a sustainable manner and help meet India’s climate change goals.
Adani Green Energy Limited (AGEL) and Total Gas & Power Business Services SAS (TOTAL) have entered into a binding arrangement for investment of approximately USD 510 Million for acquisition of 50% stake and other instruments in a Joint Venture Company (JVC) which will house 2,148 MWac operating solar projects presently 100% owned by AGEL. The balance 50% stake in the JV Co shall be held by AGEL. The solar portfolio is spread across 11 states in India.
The stock is currently trading at Rs202.20 up by Rs9.6 or 4.98% from its previous closing of Rs192.60 on the BSE.
The Transaction is subject to customary approvals and definitive agreements.
The Transaction underlines the AGEL and Total’s commitment to address India’s growing demand for power in a sustainable manner and help meet India’s climate change goals.
Adani Group Chairman, Gautam Adani, commented; “We are delighted to extend our long term partnership with TOTAL to our renewable energy business in AGEL. The investment reinforces the immense potential in India’s renewable energy sector, as well as Adani group commitment towards sustainable development. This is a pivotal step in our journey towards building the world’s largest solar power company by 2025 and the world’s largest renewable power company by 2030.”
Source: indiainfoline
