Adani Green Energy Ltd. announced on Thursday that it has entered into partnership with TOTAL to develop solar power in the country. AGEL has invested Rs 1,632 crore asset in the Joint-Venture operations.
The conglomerate in its BSE regulatory filing stated. “Adani Green Energy Limited and TOTAL SA had formed a 50:50 JV for 2,148 MW solar power assets in India, which was setup at an enterprise valuation of INR 17,385 Cr in April 2020. The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of INR 1,632 Cr. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.”
Gautam Adani, Chairman, Adani Group said, “India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030.”
The Ahmedabad based company further stated, “TOTAL, through its step-down subsidiary has invested INR 310 Cr in the JV for 50% stake in the new acquisition. AGEL had earlier announced acquisition of these assets from Essel Group on 01 Oct 2020. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years. The transaction underlines AGEL’s and TOTAL’s commitment to grow the JV platform and deepens their partnership in the renewables space. The assets expand the JV’s footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL’s strong operational expertise will help deliver value to the JV partners.”