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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