Adani Green and TotalEnergy to form 50:50 JV with an investment of $300 mn

Adani Green Energy board approved the execution of a binding termsheet between Adani Green Energy Twenty Three Limited and TotalEnergies on Wednesday. Pursuant to this, France's Total is set to make further investment of $300 million to form a new 50:50 Joint Venture company, the Adani arm said in an exchange filing.

"The new Joint Venture Company will house 1,050 MWac portfolio, which will comprise of mix of already operational (300 MWac), under construction (500 MWac) and under development assets (250 MWac) with a blend of both, solar and wind power," the company added.

Adani Green also informed the exchanges that the transaction details are under discussion and subject to customary approvals and conditions.


Earlier on Wednesday ET reported that TotalEnergies is close to investing $300 million dollars in Adani Green.

The development marks a shift in the French energy major's stance since it put on hold a $4 billion green hydrogen project with the Adani Group in February after Hindenburg Research published a report on the group.

Hindenburg had accused the Adani Group of stock price manipulation of listed companies through offshore entities and undisclosed related party transactions. The Adani Group has denied all allegations.

TotalEnergies has a 19.75% stake in Adani Green Energy and is the second largest shareholder after the promoters who hold about 56.27%. TotalEnergies and the Adani Group also have an existing listed joint venture, Adani Total Gas.

The stock has lost over 45% since the beginning of the year, but has climbed nearly 130% since hitting a 52-week low of Rs 439.35 in late February after the Hindenburg report.

In July, the renewable energies arm of the Adani Group said it will be raising Rs 12,300 crore from a public sale of shares to institutional investors.