The joint venture between AGEL and Total boasts of its total renewables capacity as over 2.35 GW, with the addition of 205 MW operational capacity acquired from Essel Group. Pictured is an under construction 250 MW solar power plant of AGEL at Khirasara in Kutch, Gujarat. (Photo Credit: Adani Group/LinkedIn)
- The joint venture between AGEL and Total has expanded its operational renewables capacity to over 2.35 GW
- It was increased by 205 MW spread across the states of Punjab, Karnataka and Uttar Pradesh
- AGEL completed the acquisition of this capacity from Essel Group and transferred the same to the Total joint venture
The joint venture of Adani Green Energy Limited (AGEL) and Total SA in India has expanded its operational solar PV project portfolio by 205 MW after Adani transferred these assets to the JV. This takes the total operational renewables portfolio of the venture called Adani Green Energy Twenty Three Limited to 2,353 MW.
AGEL transferred the assets for an enterprise valuation of INR 16.32 billion ($222 million), the company announced.
It completed the acquisition of this 205 MW capacity, spread across the states of Punjab, Karnataka and Uttar Pradesh, from Essel Group on October 1, 2020 after announcing it in August 2019 (see Adani Green Energy Buys 205 MW Solar Assets). All of these projects are tied under long term power purchase agreements (PPA) with various state electricity discoms. AGEL said Total has invested INR 3.1 billion ($42 million) in the joint venture for a 50% stake in the new acquisition.
The 2 companies joined hands in February 2020 when Total invested $510 million to acquire a 50% stake in AGEL’s 2,148 MW operational solar portfolio (see Total To Invest In Adani’s India Solar Portfolio).