Adani Green Energy Ltd (AGEL) on Thursday said it has transferred 205 MW solar assets to its joint venture business with French energy major Total SA for about ₹1,632 crore.
AGEL and Total had formed a 50:50 joint venture for 2,148 MW solar power assets in India, which was set up at an enterprise valuation of ₹17,385 crore in April 2020. With the latest acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.
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.”
Total, through its step-down subsidiary, has invested ₹310 crore in the JV for a 50 per cent stake in the new acquisition.
On October 1, AGEL had announced the acquisition of these assets from Essel Group.
The assets, located in Punjab, Karnataka and Uttar Pradesh, 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, an Adani statement said.
Adani Green shares slipped 2.5 per cent in afternoon trades at ₹709.30 on the BSE on Thursday.