TotalEnergies to invest $300 mn in Adani’s green energy projects
New Delhi, September 20
TotalEnergies SE will invest $300 million in a new clean energy joint venture with the Adani Group, marking the French energy giant’s first public deal since a US short-seller levelled fraud allegations against Gautam Adani’s business empire.
Total already has a 19.7% stake in Adani Green Energy Ltd (AGEL). It also has an equal joint venture with AGEL, called AGE23L that holds a portfolio of 2,353 MW.
In a stock exchange filing, AGEL said its Board has approved “the execution of a binding term-sheet to be entered into between Adani Green Energy Twenty Three Limited (AGE23L) and TotalEnergies SE (Total) pursuant to which, inter alia, Total will make further investment (either directly or through its affiliates) of $300 million to form a new 50:50 joint venture company with the company and modify certain terms of its investment in AGE23L”.
Besides investing in the renewable energy business of Adani Group, Total in 2019 invested $600 million to buy a 37.4% stake in Adani Gas Ltd, now called Adani Total Gas Ltd. — PTI
TO HAVE 50% SHARE IN JOINT VENTURE
- Total will hold a 50% stake in the new joint venture firm, with Adani Green Energy Ltd holding the rest, the two firms said
- The joint venture will hold a portfolio of 1,050 MW, including 300 MW of already operational capacity, 500 MW under construction and 250 MW under-development assets with a blend of solar and wind power
- The investment is part of Total’s drive to expand its portfolio of clean energy projects
