Adani Green Energy Ltd (AGEL) completed a joint venture (JV) with TotalEnergies, involving the transfer of a 1,050 MW renewable energy portfolio. The JV, as outlined in the binding agreement announced in September 2023, saw TotalEnergies make a substantial equity investment of $300 million in AGEL’s subsidiary, acquiring a 50 per cent stake in the projects.
The 1,050 MW portfolio comprises a mix of operational (300 MW), under construction (500 MW), and under development assets (250 MW), encompassing both solar and wind power projects in India.
TotalEnergies’ investment is expected to facilitate AGEL in achieving its target of reaching a 45 GW capacity by 2030. The joint venture aligns with both companies’ commitment to advancing renewable energy initiatives in India, contributing to the nation’s sustainable energy goals.
The shares were up by 1.84 per cent to ₹1,629.30 on the BSE.