A branch of French multinational TotalEnergies is expected to invest around $444 million to form a new joint venture with Adani Green Energy.
On Monday, the company announced that its board of directors had approved definitive agreements for the investment in the 50-50 joint venture. The investment by TotalEnergies will be made either directly or through its subsidiaries, Adani Green Energy said in a filing with the stock exchanges. Adani Green, Adani Renewable Energy Sixty Four and Total Energies Renewables Singapore will enter into definitive agreements for the proposed joint venture.
The new joint venture between Adani Green Energy and TotalEnergies Singapore Pte Ltd will house a portfolio of 1,150 megawatts (MW), which will include a mix of operational and running solar assets, with a mix of merchant and PPA-based projects.
The French group and its subsidiaries hold a 19.75% stake in Adani Green, the company added.
