New Delhi: French energy major Total Energies has invested USD 300 million into a renewable energy joint venture (JV) with Adani Green Energy Ltd (AGEL). AGEL announced the completion of a 1,050-MW joint venture with Total Energies. "As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects," said an official statement on Wednesday.
This follows the binding agreement about the JV announced between AGEL and Total Energies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar and wind power projects in India.
"Wth this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL's target of 45 GW capacity by 2030," said the statement.