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Adani Green Energy Limited (AGEL) and TotalEnergies have announced a joint venture (JV) to manage a portfolio of solar projects totalling 1,150 MW. The 50-50 JV will be located at the world’s largest renewable energy park in Khavda, Gujarat. As part of the agreement, AGEL will contribute its existing assets to the venture, while TotalEnergies will invest $444 million to expedite the development of the projects.
The shares of Adani Green Energy Limited (AGEL) were trading at ₹1,923.50 down by ₹22.20 or 1.14 per cent, on the NSE at 10 am.
The solar power generated will be sold through power purchase agreements (PPAs) with the Solar Energy Corporation of India (SECI) and the wholesale market.
The 538 sq km Khavda plant will supply clean energy to over 16 million homes upon completion. AGEL has operationalised 2,250 MW of solar and wind energy at the site. The JV is subject to customary closing conditions and regulatory approvals.
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