The board of directors of Adani Green Energy Ltd. has approved a joint venture agreement with TotalEnergies of France, where the latter will further invest $444 million.
The transaction details are under discussion and will be disclosed later, the company said in an exchange filing.
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.
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The joint venture agreement will be entered between Adani Renewable Energy Sixty Four Ltd. and TotalEnergies Renewables Singapore Pte.
The new JV will house a 1,150-MW alternative current (1,150 MWac) 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.
Adani Green and TotalEnergies each hold 50:50 of the paid-up equity share capital in Adani Green Energy Twenty Three Ltd. and Adani Renewable Energy Nine Ltd.
TotalEnergies, through its affiliate entities, holds around 19.75% stake in the company.
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