The JV houses 2.148GW operating solar projects operating across 11 states in India
AGEL targets to become the largest solar player in the world by 2025. (Credit: Pixabay/StockSnap)
TOTAL S.A. (TOTAL), through its step-down subsidiary has today invested approx. INR INR37.07bn ($490m) 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.
Source: Company Press Release