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According to a statement released by the firm on Wednesday, Adani Green has raised $300 million as it wraps up its joint venture project with French energy giant TotalEnergies, which involved a 1,050 MW renewable portfolio. In order to purchase a 50% interest in the projects, TotalEnergies has invested $300 million in the Adani Green Energies Limited (AGEL) subsidiary.
Adani Green has raised $300 million as it concludes its joint venture project with French energy giant TotalEnergies, which featured a 1,050 MW renewable portfolio, according to a statement made by the company on Wednesday. TotalEnergies has invested $300 million in the Adani Green Energies Limited (AGEL) subsidiary in order to acquire a 50% stake in the projects. The agreement, according to the company, will help Adani Green achieve its target of 45 GW of capacity by 2030.
“With this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and provided support in enabling AGEL’s target of 45 GW capacity by 2030,” stated the release. The two businesses revealed the legally binding agreement in September. Adani Green, the country’s largest developer of renewable energy, is crucial to making the transition to clean energy easier. Its 8.4 GW operational renewable portfolio spans 12 states.