Adani Green Energy Forms $444 Million Joint Venture With TotalEnergies

Adani Green Energy announced on Monday the approval of binding documents for a joint venture with TotalEnergies. The French energy giant will invest an additional USD 444 million in the new 50:50 joint venture entity, focusing on a 1,150 MWac portfolio of solar projects comprising operational and under-execution assets.

Adani Green Energy has secured board approval for binding documents, including a joint venture agreement with TotalEnergies. The alliance, confirmed on Monday, will see the French energy major invest an additional USD 444 million.

The investment will lead to the formation of a new 50:50 Joint Venture Company, housing a 1,150 MWac portfolio. This portfolio includes a mix of operational and under-execution solar assets, incorporating both merchant-based and Power Purchase Agreement (PPA)-based projects.

Adani Green Energy and TotalEnergies will each hold a 50 percent stake in the Joint Venture Company, which will operate under Adani Renewable Energy Sixty Four Limited. TotalEnergies also holds a 19.75 percent share in Adani Green Energy through its affiliate entities.

(With inputs from agencies.)