Adani Green approves pacts for $444 million investment by TotalEnergies in JV

Adani Green shares ended Monday up 5.9 percent | Photo: Bloomberg

1 minute reading Last update: 02.09.2024 | 19:55 IST

Adani Green Energy said on Monday its board had approved agreements that will allow its subsidiary TotalEnergies to invest $444 million to form a new joint venture with the company.

This comes after the company signed a $300 million deal with the French oil giant to build renewable power plants in India, where coal still meets most of the energy demand.

Adani Green, Adani Renewable Energy Sixty Four and TotalEnergies Renewables Singapore to enter into definitive agreements for proposed joint venture

The company did not disclose the financial commitments it would make for the proposed joint venture. Adani Green and TotalEnergies will each hold a 50 percent stake in the combined entity. The French company, together with its subsidiaries, holds almost 20 percent of Adani Green. The joint venture will comprise a portfolio of 1,150 megawatts of electricity, consisting of a mix of operational and unfinished solar assets, Adani Green said in a statement.

Adani Green shares ended Monday up 5.9 percent.

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First published: 02.09.2024 | 19:55 IST