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Adani Green and TotalEnergies Form $300 Million Joint Venture

Sep 21, 2023

By: BlinkX Research Team

Adani Green announced on Wednesday that its Board of Directors has given the green light for a binding term sheet with TotalEnergies SE, wherein Total will invest $300 million, leading to the formation of a new 50:50 Joint Venture Company. This venture will house a 1050 MWac portfolio, including operational (300 MWac), under construction (500 MWac), and under development assets (250 MWac) spanning both solar and wind power.

The purpose of this term sheet is to facilitate Total's additional investment of $300 million to establish the joint venture and amend specific terms of its investment in Adani Green Energy Twenty Three Limited (AGE23L). Both companies will hold an equal 50% share of the paid-up equity in the new Joint Venture Company, mirroring their ownership structure in AGE23L. Total, via its affiliates, currently holds approximately 19.75% of Adani Green Energy's shares.

Specific transaction details are still in discussion, with final agreements to be reached in due course. This development follows a Bloomberg report just a week ago suggesting that the French group was considering an investment of around $700 million in Adani Green projects.