TOTAL S.A , through its step-down subsidiary announced it has invested approx. Rs 3,707 cr for 50% partnership with AGEL in a Joint Venture (JV). The JV houses 2,148 GW operating solar projects operating across 11 states in India. The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised $862.5mn from the international bond markets.
“The transaction underlines the partners’ commitment to contribute to addressing India’s sustainable development goals. 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 the robust climate commitment of both partners,” according to its press release.
With this, AGEL also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world 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.
TOTAL S.A. is a French multinational integrated energy company and has operations in more than 130 countries. It is a major producer and supplier of oil, natural gas and low carbon electricity globally. Whereas, 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.
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