On Wednesday, Adani Green Energy, part of the Gautam Adani-led group, announced a joint venture with France's TotalEnergies to house a 1,050-megawatt green portfolio. French energy giant will invest $300 million in this 50-50 JV.
While this is the third occasion of TotalEnergies investing in or partnering with Adani Green, it is the first since the release of a report by US short-seller Hindenburg Research in January accusing the Adani group of corporate misconduct.
Adani Green said in an announcement to exchanges that its board had approved the execution of a binding term sheet with Adani Green Energy Twenty Three Limited and TotalEnergies. The overall project portfolio of Adani Green is now 20.434 Mw.
The document also outlines changes to investment terms for AGEL23, a JV in which both companies currently hold equal shares.
The new development follows a previous arrangement in February 2020 where TotalEnergies invested $510 million to acquire a 50 per cent stake in a JV that housed 2,148 Mw of solar projects then fully owned by Adani Green. The venture was expanded in October of the same year with Adani Green transferring another 205 Mw of operating solar assets for an enterprise value of Rs 1,632 crore.