French multinational TotalEnergies SE on Thursday acquired a 50% stake in an Adani Green Energy Ltd. subsidiary for $444 million. Adani Renewable Energy Sixty Four Ltd. had entered into a joint venture with TotalEnergies Renewables Singapore Pte.
Following the joint venture agreement, both Adani Green and TotalEnergies now hold equal ownership in Adani Renewable Energy Sixty Four, according to an exchange filing.
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As part of the deal, TotalEnergies has acquired a 50% stake in AGEL's solar projects located in Gujarat's Khavda.
The new JV will house a 1,150-MW alternative current portfolio, which will comprise a mix of operational and under-execution solar assets, with a blend of both merchant-based and power-purchase agreement-based projects, the company said.
Earlier on Sept. 2, the board of directors of Adani Green Energy had approved a joint venture agreement.
The 50:50 joint venture will have a mix of operational and under-construction solar projects that would have a blend of long-term and short-term merchant contracts, the company said.
TotalEnergies, through its affiliate entities, holds around 19.75% stake in the company.
This collaboration aligns with the growing push for renewable energy investments in India, reflecting both companies' commitment to expanding their solar capacity and supporting the global transition to sustainable energy.
Shares of Adani Green Energy closed 0.81% lower at Rs 2,039.20 apiece, compared to a 0.81% advance in the benchmark Nifty 50.
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