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.


TRENDING

OPINION / BLOG / INTERVIEW

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...

Videos

Latest News

New York City to begin re-opening on June 8

New York City, the epicenter of the COVID-19 pandemic in the US, will begin reopening in a phased manner on June 8, bringing about 4,000,000 employees back to work, Governor Andrew Cuomo has said. New York City has been shut since mid-March...

West Indies cricket board approves 'bio-secure' England tour

The West Indies cricket board has approved next months tour of England where the regional side will play three Tests in a bio-secure environment. The series, if it gets the nod of the UK government, will mark resumption of international cri...

Trump bans entry of certain groups of Chinese students to US

US President Donald Trump has issued a proclamation banning the entry of Chinese students and researchers having ties with the Peoples Liberation Army to dismantle Chinas efforts to use graduate students to acquire intellectual property and...

Scottish Premiership clubs get green light for June training return

Scottish Premiership clubs have been given a green light to return to training from June 11, it was announced. The 202021 season is set to get underway as scheduled on August 1 after the current campaign was cut short by the coronavirus pan...

Give Feedback