Adani Green transfers 205 MW solar assets to JV with TOTAL for Rs 1,632 cr

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October 15, 2020 2:35 PM

The transaction underlines AGEL's and TOTAL's commitment to grow the JV platform and deepens their partnership in the renewables space, the statement said.

Industry watchers said having an assured buyer for power was a key driver to the discovery of record low tariff.

Adani Green Energy Ltd (AGEL) on Thursday said it has transferred 205 MW solar assets to its JV business with French energy major TOTAL SA for about Rs 1,632 crore.

In a BSE filing, the company said it had earlier formed a 50:50 JV with TOTAL for 2,148 mega watt (MW) solar power assets in India.

“The JV has today (Thursday) completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 crore. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW,” it said.

The transaction underlines AGEL’s and TOTAL’s commitment to grow the JV platform and deepens their partnership in the renewables space, the statement said.

“India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and committed to grow our JV platform with them. This step is in line with our ambition of achieving 25 GW of RE capacity by 2025,” Adani Group Chairman Gautam Adani said.

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