Adani Green Energy on Monday said its board has approved binding documents, including a joint venture agreement, to be signed with TotalEnergies.
Which would pave the way for an additional USD 444 million investment by the French energy major in a new 50:50 JV entity.
The Definitive Agreements will be entered into between the Company, TotalEnergies and Adani Renewable Energy Sixty Four Limited (ARE64L), the company said in an exchange filing.
Pursuant to the agreement, TotalEnergies will make further investment, either directly or through its affiliates, of around USD 444 million to form a new 50:50 Joint Venture Company with Adani Green Energy, the filing stated.
The new Joint Venture Company will house a 1,150 MWac portfolio, which will comprise of mix of operational and under-execution solar assets, with a blend of both merchant-based and PPA- based projects.
Adani Green Energy and TotalEnergies will hold 50 per cent each of the paid-up equity share capital of the new Joint Venture Company i.e. ARE64L.
The Company and TotalEnergies hold 50 per cent each of the paid-up equity share capital of Adani Green Energy Twenty Three Limited and Adani Renewable Energy Nine Limited.
TotalEnergies, through its affiliate entities, holds 19.75 per cent shareholding in the Company.