Adani Green spurts after inking deal with Total

Adani Green Energy was locked in an upper circuit of 5% at Rs 202.2 after the company entered into a binding agreement with Total Gas & Power Business Services SAS.

Adani Green (AGEL) in an exchange filing during market hours said that it has entered into a binding agreement with Total Gas & Power Business Services SAS for investment of approximately $510 million for acquisition of 50% stake in a Joint Venture Company (JVCo).

The joint venture company will house 2,148 MWac operating solar projects and is presently owned by AGEL. The company clarified that transaction is subject to customary approvals and definitive agreements. The company's solar portfolio is spread across 11 states in India.

Commenting on the partnership deal, Adani Group Chairman, Gautam Adani said, We are delighted to extend our long term partnership with TOTAL to our renewable energy business in AGEL. The investment reinforces the immense potential in India's renewable energy sector, as well as Adani group commitment towards sustainable development. This is a pivotal step in our journey towards building the world's largest solar power company by 2025 and the world's largest renewable power company by 2030.

Total is a French multinational energy player that produces and markets fuels, natural gas and low-carbon electricity.

Adani Green reported a consolidated net loss of Rs 123.89 crore in Q3 December 2019, higher than net loss of Rs 117.82 crore in Q3 December 2018. Net sales rose 10.2% to Rs 501.43 crore during the period under review.

Adani Green Energy builds and operates solar and wind energy power plants in India.

Powered by Capital Market - Live News