TotalEnergies to invest $444 mn more investment in JV with Adani Green

Adani Green Energy has announced that its board has approved definitive agreements for a further $444 million investment from TotalEnergies to form a joint venture with the company.

In its statement, the Adani group entity said its board of directors on Monday approved the execution of binding documents, including the joint venture agreement to be entered into between Adani Green, Adani Renewable Energy Sixty-Four Limited (ARE64L), and TotalEnergies Renewables Singapore Pte.

 According to the joint venture agreement, TotalEnergies will make a further investment, either directly or through its affiliates, of around $444 million to form a new 50:50 JV company.

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The statement said the new JV company will house a 1,150-megawatt (MW) portfolio, which will comprise a mix of operational and under-execution solar assets, with a blend of both merchant-based and PPA-based projects.

The new investment is in addition to Total’s past exposure to Adani Green and its related entities.

TotalEnergies, at present, through its affiliate entities, holds approximately 19.75 per cent shareholding in Adani Green. Further, Adani Green and TotalEnergies each hold 50 per cent of the paid-up equity share capital of Adani Green Energy TwentyThree Limited and Adani Renewable Energy Nine Limited.

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