Adani Green Energy and TotalEnergies SE have signed a term sheet to form a new equal joint venture in which the French energy company will invest $300 million.
The new JV will have a 1,050 MW of energy portfolio of which 300 MW are operational, 500 MW are under construction, and 250 MW are under development. These will be primarily solar and wind power assets.
The agreement between the companies also involves modifying the terms of investment in Adani Green Energy Twenty-Three, an existing JV between Adani Green and TotalEnergies. The French energy major holds about 19.75 per cent stake in Adani Green.