Business

Total invests ₹3,707 crore in Adani JV

Sunny days ahead: AGEL has set a target of achieving 25 GW solar power capacity by 2025, which will make it the largest solar player in the world.

Sunny days ahead: AGEL has set a target of achieving 25 GW solar power capacity by 2025, which will make it the largest solar player in the world.   | Photo Credit: AFP

The equal joint venture with the French energy giant includes 2.15 GW of solar projects

Gujarat-based Adani Green Energy Ltd. (AGEL), a part of the diversified Adani Group, had formed an equal joint venture with French energy giant Total SA.

Total SA has invested ₹3,707 crore in the JV that includes 2.148 GW of solar projects operating across 11 States in India. The deal portfolio also includes Restricted Group 1 and 2 projects, that had recently raised $862.5 million from international bond markets.

Restricted Group 2 was the first investment grade rated issuance by a renewable business in India and was widely recognised by global capital markets and international publications, the Adani Group said in a release.

“The transaction underlines the partners’ commitment to contribute to addressing India’s sustainable development goals. Through the establishment of the joint venture, both partners aim to adhere to highest standards of governance and strengthen the foundation of the partnership between the two groups,” Adani Group stated in the release.

The closing of the transaction in the current environment reinforces the strength of the relationship between two partners and underscores the robust joint climate commitment of both, it said. AGEL has set an ambitious target of achieving 25 GW solar power capacity by 2025, which is aimed at becoming the largest solar player in the world by 2025 and the largest renewable player in the world by 2030.

Moreover, to support the group’s renewable energy vision, the group has committed to invest over 70% of its budgeted capital expenditure into clean energy and energy-efficient systems in the country.

SECO tender

Recently, AGEL participated, as successful bidder in Solar Energy Corporation of India (SECO) tender of manufacturing linked development project for a capacity of 8 GW and is awaiting its award.

This is second deal between the Adani Group and Total SA in the energy sector. Earlier, Adani Gas and Total SA formed a JV for gas distribution and retailing of petroleum products in India.

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Printable version | Jun 3, 2020 12:01:32 AM | https://www.thehindu.com/business/total-invests-3707-crore-in-adani-jv/article31283228.ece

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