Left Menu
Development News Edition

French firm Total's arm invests Rs 3.7K cr to form JV with Adani Group

PTI | New Delhi | Updated: 07-04-2020 15:26 IST | Created: 07-04-2020 15:26 IST
French firm Total's arm invests Rs 3.7K cr to form JV with Adani Group

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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

India will provide COVID-19 vaccines to Bhutan for free, says PM Tshering

Bhutan Prime Minister Lotay Tshering on Monday said that the Indian government has announced that they will provide COVID-19 vaccines for free. GoI Government of India has announced that they will provide vaccines for free and if we have to...

Soccer-Neville leaves England women to take up Inter Miami head coach role

Phil Neville stepped down as England womens team manager on Monday and the former Manchester United and England defender was named the head coach of David Beckhams Major League Soccer MLS side Inter Miami. Neville, 43, had been in talks wit...

UK "very concerned" over running of British Virgin Islands - Raab

Britain is very concerned about governance in the British Virgin Islands, a British Overseas Territory, foreign minister Dominic Raab said on Monday, adding that there were concerns about its susceptibility to organised crime. The UK is ext...

Capitol lifts lockdown after nearby fire in homeless camp prompts security concerns during inauguration rehearsal.

Capitol lifts lockdown after nearby fire in homeless camp prompts security concerns during inauguration rehearsal....

Give Feedback