Total, a French oil and gas major, has entered into an agreement with Adani Green Energy Limited (AGEL) to acquire a 50 per cent stake in a joint venture company for $510 million. The agreement will lead to the transfer of 2,148 MW of operating solar assets, which are currently owned by AGEL to the new joint venture company. AGEL will own the remaining 50 per cent stake in the company.These projects are spread over 11 Indian states and have a cumulative capacity of over 2 GW. All the projects benefit from 25 year power purchase agreements with national and regional electricity distributors.
Recently, AGEL announced its financial results for the nine months and quarter ending December 31, 2019. The total revenue for the company from operations in the first nine months of the financial year stood at Rs 18.53 billion, up by 35 per cent on a year-on-year (YoY) basis. The revenue from power generation was up by 7 per cent YoY to Rs 14.64 billion from Rs 13.71 billion during the same period last year. Earlier, AGEL had announced that its subsidiaries, Adani Renewable Energy Limited, Wardha Solar (Maharashtra), and Kodangal Solar Parks Private Limited, have approved the issuance of dollar-denominated 20 year senior secured green bonds amounting to $362.5 million.