Adani Green Energy (AGEL) and Total Gas & Power Business Services SAS (TOTAL) have entered into a binding arrangement for investment of approximately $510 Million for acquisition of 50% stake and other instruments in a Joint Venture Company (JV) which will house 2,148 MWac operating solar projects presently 100% owned by AGEL. The balance 50% stake in the JV shall be held by AGEL. The solar portfolio is spread across 11 states in India.
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 Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.
