Total Invests Rs 37.07bn to Set up 50:50 JV with Adani Green Energy

AGEL is eying 25 Giga Watt of generation capacity by 2025 targeting to become the largest solar player in the world. French energy giant Total SA has invested Rs 37.07 billion to set up an equal joint venture with Adani Green Energy Limited (AGEL), the renewable energy arm of Adani Group.

“TOTAL S.A. (TOTAL), through its step-down subsidiary has today invested approximately INR 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,” Adani said in a press release.

AGEL is eying 25 Giga Watt of generation capacity by 2025 targeting to become the largest solar player in the world. Adani Group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems in order to meet the targets.

Total had earlier said all of AGEL’s projects will benefit from nearly 25-year power purchase agreements with national and regional electricity distributors with a fixed rate. It had last year signed an agreement to acquire 37.4 per cent stake in Adani Gas for around Rs 57 billion.