French firm Total’s arm invests Rs 3,707 crore to form JV with Adani Group

By: |
April 07, 2020 4:42 PM

The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5 million from the international bond markets, the statement said.

Adani Group, Total SA, AGEL, Restricted Group 1, UNFCC goals, SECI, latest nesws on adani group, international bond marketsAdani Green Energy Limited, part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.

French energy firm Total SA on Tuesday said it has invested Rs 3,707 crore to set up 50:50 joint venture with Adani Green Energy Ltd (AGEL) through its step-down subsidiary. The JV houses 2.148 GW operating solar projects across 11 states in India, the company said in a statement.

The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5 million from the international bond markets, the statement said. Restricted Group 2 was the first Investment Grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India and was widely recognized by global capital markets and international publications, it added.

Through the establishment of the joint venture, both partners aim to adhere to highest standards of governance and strengthen the foundation of the partnership between the two groups. The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores robust climate commitment of both partners.

Consistent with India’s commitment to renewable energy, sustainable development and UNFCC goals, AGEL is on track to achieve 25 GW by 2025.  With this, AGEL also targets to become the largest solar player by 2025 and the largest renewable player by 2030.

To support this vision, the group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems.

Adani Green Energy Limited, part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.

Additionally, AGEL participated, as successful bidder in SECI’s tender of manufacturing linked development project for a capacity of 8 GW and is awaiting its award.

Total SA is a French multinational integrated energy company and has operations in more than 130 countries.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Amazon India looking to buy stake in Inox Leisure, others; Jeff Bezos hunting for media bargain buys
2Jindal Stainless posts Rs 306-cr PAT in Q1FY22
3Insurance cover for home loans: SC asks SBI Life to cough up Rs 84 cr