Total invests Rs 3,707 crore to form JV with Adanis

New Delhi, April 7

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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 $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 recognised 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. — PTI