IBEF: April 08, 2020
French energy major TOTAL Gas & Power Business Services has announced the closure of its deal with Adani Green Energy Limited (AGEL) for Rs 3,707 crore (US$ 530.40 million).
This deal was announced in February, where the investment by TOTAL will be done through its step-down subsidiary. Equal share of 50 per cent will be owned by AGEL and TOTAL in the JV. Additionally, the JV houses 2.148 GW operating solar projects operating across 11 States in India.
According to AGEL statement, the closing of the transaction in the present scenairio emphasizes the strength of the relationship between the partners and further underscores the robust climate commitment of both partners. AGEL, a part of the Adani Group, is among the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.
The AGEL portfolio consists of the Restricted Group 1 & 2 projects, which had recently raised US$ 862.5 million from the international bond markets. Restricted Group 2 was the first Investment Grade rated issuance by a renewable business from India.
The group plans to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030. The Indian government has set a target of achieving 175GW through renewable energy by 2022.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.