New Delhi: Total SA will invest Rs 3,707 crore in a solar energy joint venture with Adani Green Energy Ltd (AGEL), the third investment the French giant has made in India along with the Adani Group.
Total will invest Rs 3,707 crore for a 50 per cent partnership with AGEL in a joint venture that houses 2,148 MW of operating solar projects across 11 states in India, the Adani Group firm said in a statement here on Tuesday.
The French energy firm had last year picked up a 50 per cent stake in the 5 million tonnes per year LNG import terminal that the Adani Group is building at Dhamra in Odisha's Bhadrak district.
It had also acquired a 37.4 per cent stake in Adani Gas, the Mumbai-listed firm that retails CNG to automobiles and piped natural gas to households. Total is also looking at setting up petrol pumps across India in a joint venture with Adani.
The statement said the AGEL-Total joint venture will house 2.148 GW operating solar projects.
The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5 million from the international bond markets.
Restricted Group 2 was the first investment-grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India and was widely recognized by global capital markets and international publications.
"The transaction underlines the partners' commitment to contribute to addressing India's sustainable development goals. Through the establishment of the joint venture, both partners aim to adhere to the highest standards of governance and strengthen the foundation of the partnership between the two groups," it said.
"The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores the robust climate commitment of both partners."
AGEL has set a target of having 25 GW of renewable energy portfolio by 2025.
"With this, AGEL also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030," it said.
"To support this vision, the Group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems. This demonstrates the Adani Group's commitment to reversing climate change," it added.