AGEL receives INR 3,707 Cr for formation of the JV with TOTAL
AGEL and TOTAL to own 50% each in the JV
Demonstrates AGEL and TOTAL’s commitment to contribute to India’s sustainable development goals
The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and underscores the robust joint climate commitment of both partners
Ahmedabad, April 07, 2020: TOTAL S.A. (TOTAL), through its step-down subsidiary has today invested approx. INR 3,707 Cr for 50% partnership with AGEL in a Joint Venture (JV). The JV houses 2.148 GW operating solar projects operating across 11 states in India. The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised USD 862.5mm 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 recognized by global capital markets and international publications.
The transaction underlines the partners’ commitment to contribute to addressing India’s sustainable development goals. Through the establishment of the joint venture, both partners aim to adhere to highest standards of governance and strengthen the foundation of the partnership between the two groups. The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores the robust climate commitment of both partners.
In line with the Adani Group ESG philosophy, AGEL has a strong ESG framework focusing on Climate Awareness, Climate Readiness and Climate Alignment. Consistent with India’s commitment to renewable energy, sustainable development and UNFCC
goals, 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.To support this vision, the Group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems. This demonstrates Adani Group’s commitment to reversing the climate change.
Adani Green Energy Limited, part of the diversified Adani Group, is one of the largest renewable companies in India, with a current project portfolio of6GW including under construction capacity. Additionally, AGEL participated, as successful bidder in SECI’s tender of manufacturing linked development project for a capacity of 8 GW and is awaiting its award.
About TOTAL
TOTAL S.A.is a French multinational integrated energy company and has operations in more than 130 countries. It is a major producer and supplier of oil, natural gas and low carbon electricity globally. TOTAL’s gross low-carbon power generation capacity worldwide is currently close to 7 gigawatts, of which over 3 gigawatts from renewable energies.
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