Adani Green Energy expands TOTAL joint venture with Rs 1,632 crore solar assets acquisition

Ahmedabad (Gujarat) [India], October 15 (ANI): The Adani Green Energy Limited (AGEL) on Thursday expanded its joint venture with TOTAL SA with the acquisition of 205 megawatts (MW) of operating solar assets for an enterprise valuation of Rs 1,632 crore, taking the total operating renewable portfolio under the joint venture to 2,353 MW.
AGEL and TOTAL, a broad energy company that produces and markets fuels, natural gas and electricity, had in April this year formed a 50-50 joint venture for 2,148 MW solar power assets in India, which was set up at an enterprise valuation of Rs 17,385 crore.
"The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of INR 1,632 crore. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW," AGEL said in a statement.
It said that TOTAL, through its step-down subsidiary has invested Rs 310 crore in the JV for a 50 per cent stake in the new acquisition.
"AGEL had earlier announced the acquisition of these assets from Essel Group on October 1, 2020. The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long-term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years," the statement said.
Speaking about the development, Adani Group Chairman Gautam Adani said, "India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with TOTAL and are committed to grow our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world's largest renewable power company by 2030."
According to the statement, the transaction underlines AGEL's and TOTAL's commitment to growing the JV platform and deepening their partnership in the renewables space.
"The assets expand the JV's footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL's strong operational expertise will help deliver value to the JV partners," the statement said. (ANI)