Adani Green Energy Limited (AGEL) has transferred the recently acquired 205 MW operating solar assets to its joint venture with French oil and gas major Total for an INR 1,632-crore enterprise valuation.
The total operating renewable portfolio under the Adani Green-Total JV has swelled to 2,353 MW with the acquisition.
The 50:50 JV between Adani Green and Total was set up at an enterprise valuation of INR 17,385 crore in April this year and already had 2,148 MW solar power assets in India.
Through its step-down subsidiary, Total has invested INR 310 crore in the JV for 50% stake in the new acquisition.
The 205 MW operating solar assets were acquired by Adani Green Energy from debt-laden Essel Group. The assets belong to 10 solar firms incorporated between 2012 and 2016, and are spread across three states of Punjab, Karnataka and Uttar Pradesh.
The assets have various state-owned DISCOMs as off-takers with average remaining power purchase agreement life of around 21 years.
“The transaction underlines AGEL’s and Total’s commitment to growing the JV platform and deepens their partnership in the renewables space. The assets expand the JV’s footprint in states where it already has a presence through its existing portfolio. This, coupled with AGEL’s strong operational expertise, will help deliver value to the JV partners”—read a statement by Adani Green Energy.
Adani Group chairman, Gautam Adani, commented, “India continues to be one of the most attractive markets for clean energy globally. We are delighted to expand our partnership with Total and are committed to growing our renewables JV platform with them. This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030.”
“With an ambitious target of 175 GW of installed capacity by 2022, India is a strong growth area for renewable energy. Since last year, the Group has strengthened its commitment in India with around 5 GW of solar projects in the country, in line with its ambition to become a world leader in renewable energies. We are very pleased to further expand our partnership with the Adani Group,” said Patrick Pouyanné, Chairman and CEO of Total.
Adani Green Energy Limited, a part of the Adani Group, has 14 GW of operating, under-construction, and awarded renewable power projects catering to investment-grade counterparties. It has been ranked as the largest solar power generation asset owner globally by Mercom Capital. The company aims to achieve 25 GW of renewable power by 2025.
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