Adani Green completes joint venture agreement with TotalEnergies Renewables
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Adani Green Energy Ltd, on Wednesday, announced that it has completed a joint venture agreement with TotalEnergies Renewables Singapore Pte Limited where the latter has acquired a 50 per cent stake in Adani Renewable Energy Nine Limited for $300 million. ARE9L houses a 1,050 MW project portfolio.
The total comprises a mix of already operational (300 MW), under construction (500 MW) and under development assets (250 MW) with a blend of both solar and wind power projects in India.
TotalEnergies has also infused Rs 4,013 crore in Adani Green Energy Twenty-Three Limited.
In a statement, the company said, "TotalEnergies has infused an amount of Rs 4,013 Crore into AGE23L by subscribing to compulsorily convertible debentures issued by AGE23L which have been used to redeem the existing nonconvertible debentures held by TotalEnergies."
"1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50 per cent stake in the projects," it added. "TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL's target of 45 GW capacity by 2030."
A JV was announced between AGEL and TotalEnergies in September 2023.
On Wednesday, 9:40 am, Adani Green's shares were trading 1.32 per cent in the green at Rs 1.621 apiece on BSE.
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