Adani Green Energy and Total SA had formed a 50:50 JV for 2,148 MW solar power assets in India, which was setup at an enterprise valuation of Rs 17,385 Cr in April 2020. The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 crore. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.
TOTAL, through its step-down subsidiary has invested Rs 310 crore in the JV for 50% stake in the new acquisition. AGEL had earlier announced acquisition of these assets from Essel Group on 01 October 2020.
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long term Power Purchase Agreements (PPAs) with various state electricity distribution companies. The portfolio is relatively young with average remaining PPA life of approximately 21 years.
The transaction underlines AGEL's and TOTAL's commitment to grow the JV platform and deepens their partnership in the renewables space. The assets expand the JV's footprint in states where it already has a presence through its existing portfolio. This coupled with AGEL's strong operational expertise will help deliver value to the JV partners.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)