Adani Green Energy Limited (AGEL), one of the largest renewable energy company in India has entered into a binding agreement for forming a Joint venture company (JVCo) with French energy major Total Gas & Power Business Services SAS (Total).
The 50/50 JVCo of AGEL and Total will house 2,148 MWac of operational solar projects in 11 Indian states which at present are owned by AGEL. The approximate investment by Total shall be of USD 500 Million for acquiring 50% stakes. The deal is subjected to customary approvals and definitive agreements.
In AGEL statement dated 6th Feb 2020, Adani Group Chairman, Mr. Gautam Adani, commented that “This is a pivotal step in our journey towards building the world’s largest solar power company by 2025 and the world’s largest renewable power company by 2030.”
In the same statement TOTAL Chairman and Chief Executive Officer, Mr. Patrick Pouyanne, commented; “This interest in over 2 GW of solar projects represents a real change of scale of our presence in India’s renewable energy sector, which has very significant growth potential in the coming years. It will contribute to our ambition to deploy 25 GW of renewable energy by 2025.”
About the Companies:
Adani Green Energy Limited (AGEL): is a part of Adani Group, with the current project portfolio of 5,290 MW. The company has its presence across 11 Indian states with a portfolio of 46 operational projects and 18 projects under construction.
Total Gas & Power Business Services SAS (Total): is a wholly owned subsidiaty of French Total Group of businesses and was established in 1987. The company is a leading energy supplier to industrial, commercial, and business customers within the UK.