An arm of French multinational TotalEnergies is expected to make an approximate investment of $444 million to form a new joint venture company with Adani Green Energy.
On Monday, the company said its board approved definitive agreements for the investment into the 50:50 joint venture. This investment by TotalEnergies will be done either directly or through its affiliates, 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 formed between Adani Green Energy and TotalEnergies Singapore Pte Ltd will house a 1,150 Megawatts (MW) portfolio, which will comprise a mix of operational and under-execution solar assets, with a blend of both merchant-based and PPA-based projects.
The French major with its affiliates holds a 19.75 per cent stake in Adani Green, the company added.