In Short:
TotalEnergies is set to invest about $444 million to create a 50:50 joint venture with Adani Green Energy. The investment will support a portfolio of 1,150 Megawatts of solar projects, including both operational and in-progress assets. This partnership underscores TotalEnergies’ existing 19.75% stake in Adani Green, enhancing collaboration in renewable energy.
Exciting Partnership: TotalEnergies Joins Forces with Adani Green Energy
In a significant move towards sustainable energy, a branch of **TotalEnergies**, the renowned French multinational, is set to invest around **$444 million** to establish a new joint venture with **Adani Green Energy**. This collaboration marks a promising step in the realm of renewable energy.
Breaking Down the Deal
On Monday, the board of TotalEnergies gave a thumbs up to finalize agreements for this exciting **50:50 joint venture**. According to a filing from Adani Green Energy to the stock exchanges, this investment will be made either directly or via its affiliates. The involved parties include **Adani Green Energy**, **Adani Renewable Energy Sixty Four**, and **Total Energies Renewables Singapore**, all aligned to kick off this collaborative venture.
What’s On the Horizon?
The newly formed joint venture will be home to a robust **1,150 Megawatts (MW)** portfolio. This will encompass a dynamic mix of both operational and under-development solar assets, featuring a blend of merchant-based projects and PPA-based setups. It’s an ambitious plan that promises to be a game-changer in the green energy sector.
Stakes and Ownership
Notably, **TotalEnergies** and its affiliates currently hold a **19.75 percent** stake in **Adani Green Energy**, showcasing a solid foundation for this collaborative endeavor.
