TotalEnergies To Invest USD 300m In Adani Green Energy – TotalEnergies JV

Adani Green Energy Ltd. (AGEL) on Wednesday informed the stock exchanges that the company has entered into a contractual agreement with TotalEnergies to establish a new joint venture (JV) with a portfolio of 1,050 megawatts (MW).

This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power, according to a statement from Adani Green Energy Ltd.

AGEL will contribute to the JV the assets and TotalEnergies an equity investment of 300M US$ which will further support their development.

"Thanks to this new transaction, TotalEnergies will reinforce its strategic alliance with AGEL and support the company in becoming the Indian leader of renewable energy, with a target of 45 GW renewable power capacity by 2030," Adani Green Energy Ltd. said in the media release.

Adani Group Chairman, Mr. Gautam Adani, commented; "We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India's glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030."

TotalEnergies' Chairman and CEO, Mr. Patrick Pouyanné, commented; "TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market. After our first joint-venture AGEL23 in 2020 and our acquisition of shares in AGEL in 2021, this new joint-venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of AGEL in becoming the Indian leader of renewable energy."

Meanwhile, AGEL shares on Wednesday closed at Rs 1,012.50 apiece, up 0.79% from its previous close of Rs 1,004.55 apiece on the BSE. The stock touched intraday high of Rs 1,025 and intraday low of Rs 989.15, respectively.

The stock has given 2.88% positive return in 1 week, and 1.72% in 1 month, respectively. It has given 57.83% negative return in 1 year, and 10.47% in 2 years, respectively. It has given 52.355 positive returns in 3 years and 1,839.66% robust return in 5 years.

Its 52-week high is Rs 2,436 apiece and 52-week low is Rs 439.35 apiece on the BSE.

AGEL is Adani Group's renewable energy arm. It is a large cap power generation company with a market cap of Rs 1,60,383.29 Crore.

Adani Green Energy Limited (AGEL)

Adani Green Energy Limited (AGEL), is the renewable energy platform of Adani Portfolio. The company has one of the world's largest renewable portfolios, with locked-in growth of 20.4 GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties. The company develops, builds, owns, operates, and maintains utility-scale grid connected solar and wind farm projects. AGEL is focused on decarbonization of power generation and is helping India meet its sustainability goals.