look news india
French oil major TotalEnergies will form a new joint venture with Adani Green, investing $444 million.
The board of Adani Green has given its approval to these agreements with the French company. Earlier, Adani Green and the French oil company had signed a $300 million deal to set up new renewable capacity in India.
Adani Green, Adani Renewable Energy Sixty Four and TotalEnergies Renewables Singapore have also entered the final stages of agreement to set up the proposed joint venture. Adani Green and TotalEnergies will have a 50 per cent stake in the new company emerging from the joint venture. The French oil major holds a 20 per cent stake in Adani Green along with its partners. Adani Green said the joint venture will have a power portfolio of 1,150 MW. This includes operational and under-performing solar assets. The company further said the details of the transaction are still under discussion and are subject to customary approvals and conditions. The parties will discuss and approve it under definitive agreements. Once the agreement is reached, it will be implemented to comply with the law.
