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