New Delhi: Adani Green Energy Limited (AGEL)  on Wednesday  said  it  has completed a 1,050 megawatt  joint venture (JV) with TotalEnergies. 

 TotalEnergies has invested about  300  million  USD in subsidiary AGEL, acquiring 50% of the shares  in the  joint venture’s  projects. In  the  regulatory filing, Adani Green wrote:  “Following  execution of the joint venture agreement, the  Company  and TotalEnergies  own  a 50:50  interest  in ARE9L. ARE9L  in turn has  a  project portfolio of  1,050  MW.  TotalEnergies has acquired a 50% stake in  ARE9L. ARE9L’s shares  amount  to 300 million USD.  

 The binding agreement for the  joint venture  was announced in September.  The ARE9L  joint  venture has  a 1,050 MW portfolio comprising  300 MW  of  operating capacity, 500 MW of  capacity  under construction  and  250 MW  of assets under development  including  solar and wind  turbines  in India. AGEL said the  joint venture will  help it achieve its  renewable energy capacity  target of 45 GW  by 2030.  

 TotalEnergies is a French multi-energy company  specializing in the production  and  marketing of  energy  commodities,  including oil and biofuels, natural gas and green  gas, renewable energy  and electricity. It operates in 130 countries. 

  On  Tuesday,  AGEL announced  that  it  has  raised ₹9,350 crore by issuing preferential warrants to  promoters. Earlier this  month,  the company  announced a  $1.36 billion  facility  funded by  eight international banks  to build  2,167 MW of  solar  projects in Khavda, Gujarat. 

In the September quarter, the company reported a 149% year-on-year  rise  in consolidated net profit to ₹372 crore. As of  September 30,  its net debt stood at ₹38,190 crore, compared  with  ₹40,455 crore  as of  March  30,  2023, according to an investor presentation released on  October 30.  

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