Last Updated : Wednesday, April 8, 2020 00:47:26

ADANI GREEN gets 37.07 bln INR from TOTAL for 2.148 GW Solar Power Project JV

AHMEDABAD / MUMBAI / RAJKOT –  In a regulatory update as submitted to the Indian Stock Exchanges, Ahmedabad headquartered Indian Diversified Conglomerate Adani Group’s renewable energy arm Adani Green Energy Ltd said of having got 37.07 billion (~3,707 crore) rupees from the joint-venture partner TOTAL (France) for the 2.148 GigaWatt (GW) solar power project.

In a press-release titled, “Adani Green Energy Limited (AGEL) consummates 2.148 GW joint venture with TOTAL, Receives INR 3,707 Cr”, as enclosed and attached with the regulatory filing as submitted by the company to the Indian Bourses, it further read that, TOTAL S.A. (TOTAL), through its step-down subsidiary has today invested approx. INR 3,707 crore (~37.07 billion) for 50% partnership with AGEL in a Joint Venture (JV).

The JV houses 2.148 GW operating solar projects operating across 11 states in India.

The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5mm 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 and was widely recognized by global capital markets and international publications.

The transaction underlines the partners’ commitment to contribute to addressing India’s sustainable development goals.

Through the establishment of the joint venture, both partners aim to adhere to highest standards of governance and strengthen the foundation of the partnership between the two groups.

The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores the robust climate commitment of both partners.

In line with the Adani Group ESG philosophy, AGEL has a strong ESG framework focusing on Climate Awareness, Climate Readiness and Climate Alignment.

Consistent with India’s commitment to renewable energy, sustainable development and UNFCC goals, AGEL 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 per cent of its budgeted capex into clean energy and energy-efficient systems.

This demonstrates Adani Group’s commitment to reversing the climate change.

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