French energy giant TotalEnergies made a big investment in Adani Green Energy, shares surged even today.
French energy giant TotalEnergies has invested US$300 million in a renewable energy joint venture with Adani Green Energy Limited (AGEL). AGEN said in a statement on Wednesday that it has completed a 1,050 MW joint venture (JV) with TotalEnergies. Under the joint venture, TotalEnergies has invested $300 million in AGEL’s subsidiary to acquire 50 percent stake in the projects. Due to this news, even today the shares of Adani Green Energy are rising. The stock is trading at Rs 1,623.20, up Rs 23. At the same time, in the last one month this stock has given a return of 54.18% to the investors.
The joint venture has a portfolio of 1,050 MW comprising a mix of both solar and wind power projects in India with a mix of already operational (300 MW), under construction (500 MW) and under development assets (250 MW). With this transaction, TotalEnergies strengthens its strategic alliance with AGEN. This will help AGEN achieve its target of 45 GW capacity by 2030.
Joint venture with UAE company
Adani Energy Solutions unit Adani Transmission Step-Four (ATSFL) will form a joint venture with United Arab Emirates (UAE)-based Esyasoft Holdings (EHL) to implement smart metering projects in India and abroad. The company gave this information in the information sent to the stock markets. ATSFL and EHL will hold 49 per cent and 51 per cent stake respectively in the proposed joint venture with equal participation on the board of directors of the company.
Agreement made on 26 December
Adani Energy Solutions, through its wholly owned subsidiary ATFSL, has formed a 49:51 joint venture with EHL to implement smart metering projects in India and globally by December 26, 2023, the information said. A firm agreement has been made.
