Total Energies to invest $300 million in 50:50 JV deal with Adani Green arm
Mumbai: French energy major TotalEnergies SE has signed a definitive termsheet with Adani Green Energy Twenty Three Limited (AGE23L), Moneycontrol reported.
Under this agreement, TotalEnergies will commit $300 million for a 50:50 joint venture, the Adani Group company revealed on September 20 in an exchange filing
"The purpose of a binding termsheet is provide for further investment by Total (either directly or through its affiliates) of USD 300 million to form a new 50:50 Joint Venture Company with the company and modify certain terms of its investment in AGE23L," the exchange filing stated.
The new JV will "house 1,050 MWac portfolio", which will comprise of mix of already operational (300 MWac), under construction (500 MWac) and under development assets (250 MWac) with a blend of both, solar and wind power, Adani Green Energy further informed the exchanges.
Adani Green Energy and Total will each have an equal 50 percent ownership in the upcoming joint venture.
The specific terms of the transaction are currently being deliberated and will be finalized in the definitive agreements.
Adani Green Energy underscored that the transaction will be conducted at an impartial and fair market value.
Total, via its affiliated entities, currently possesses a 19.75 percent stake in Adani Green.
The joint venture comes close on the heels of reports indicating that the French company was considering an investment of around $700 million in certain Adani Green projects.
TotalEnergies’ CEO, Patrick Pouyanné, stated earlier this year that the company's $3.1 billion investment in Adani Total Gas and Adani Green was a sound move, as these entities have substantial assets and revenue.
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