September 03, 2024 06:42 GMT
TotalEnergies Investing USD 444mn Into Another Adani Green Energy JV; Not A Spread Mover
ENERGY SECTOR
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- TotalEnergies' investment of USD 444mn supports AGEL’s expansion, aligning with India's electricity market liberalization. Sum is negligible in terms of TotalEnergies FY23 balance sheet.
- TotalEnergies last year invested USD 300mn in a JV with Adani having bought a 20% of Adani and 50% of its solar assets for USD 2.5bn in 2021.
- Transaction pending AGEL shareholder and regulatory approvals
- New JV targets 1,150 MW solar portfolio in Khavda, Gujarat; aims to enhance strategic alliance with AGEL and position AGEL as a renewable leader.
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