French multinational energy major Total SA
has entered into a joint venture with Adani Green Energy
Limited (AGEL), the renewable energy company of the Adani Group. Total has invested Rs 3,707 crore for a 50 per cent partnership in the joint venture company.
AGEL in a public statement said the joint venture has 2 GW of operating solar projects operating across 11 states in India.
It said the portfolio also includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5 million from the international bond markets. Restricted Group 2 was the first Investment Grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India and was widely recognised by global capital markets and international publications, said AGEL.
"AGEL is on track to achieve 25 GW by 2025. With this, AGEL also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030," the company said in a statement.
Adani Group recently announced that it will invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems.