- Previously, Adani Green had announced the acquisition of these assets from Essel Group on first October 2020
- Adani and Total had formed a 50:50 JV in April at an enterprise valuation of Rs 17,385 crore for 2,148 MW solar power assets in India
Adani Green said that it has transferred 205 megawatt (MW) operating solar assets to its joint venture (JV) with French energy biggie Total at an enterprise valuation of Rs 1,632 crore. It further said that with this acquisition, the JV’s total operating renewable energy portfolio will stand at 2,353 MW.
Previously, Adani Green had announced the acquisition of these assets from Essel Group on first October 2020. It said in a press release that 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. It added that the portfolio is relatively young with an average remaining PPA life of about 21 years. It added that Total has invested Rs 310 crore in the JV for 50 per cent stake in the new acquisition.
50:50 JV
Gautam Adani, chairman, Adani Group said that the company is delighted to expand their partnership with Total and are committed to grow their renewables JV platform with them. The step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030 as per him. Adani and Total had formed a 50:50 JV in April at an enterprise valuation of Rs 17,385 crore for 2,148 MW solar power assets in India.
