Adani Green Energy’s joint venture with French energy major TOTAL SA has completed the acquisition of a 205 mw solar power project for an enterprise value of Rs 1,632 crore, taking the total operating renewable portfolio under the JV to 2,353 mw, the Gautam Adani-led company said on Thursday.
In April this year, Total SA invested around Rs 3,707 crore for 50% partnership with Adani Green Energy to form a joint venture that will house 2,148 mw of operating solar power projects across 11 states in India.
“We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 gigawatts of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030,” Adani Group Chairman Gautam Adani was quoted as saying in the statement.
TOTAL’s Chief Executive Officer Patrick Pouyanne was in Ahmedabad earlier this week to review the company’s investments in Adani’s gas and renewable energy businesses.
The assets acquired by the JV were acquired by Adani Green from Essel Group on October 1. The assets are located in Punjab, Karnataka and Uttar Pradesh and have long term power purchase agreements with various state electricity distribution companies.
