Adani Green gains on consummating 2.148 GW JV with TOTAL

Adani Green Energy rose 3.14% to Rs 164 after the company said it received Rs 3,707 crore for the formation of joint venture (JV) with TOTAL S.A.

Total S.A., through its step-down subsidiary has on Tuesday (7 April) invested approximately Rs 3,707 crore for 50% partnership with Adani Green Energy (AGEL) in a JV, which houses 2.148 gigawatt (GW) operating solar projects operating across 11 states in India. The portfolio includes the restricted group 1 & 2 projects, which had recently raised $862.50 million from the international bond markets. Restricted Group 2 was the first investment grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India.

AGEL said it is on track to achieve 25 GW by 2025. With this, AGEL also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030. To support this vision, the group has committed to invest over 70% of its budgeted capex into clean energy and energy-efficient systems.

Total is a French multinational energy player that produces and markets fuels, natural gas and low-carbon electricity. Total is building a portfolio of low-carbon electricity operations, with the objective of seeing them account for 15 to 20% of its sales mix by 2040.

Adani Green Energy reported a consolidated net loss of Rs 123.89 crore in Q3 December 2019 as compared to a net loss of Rs 117.82 crore in Q3 December 2018. Net sales rose 10.19% to Rs 501.43 crore during Q3 December 2019 over Q3 December 2018.

Adani Green Energy, part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.

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