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French energy major TOTAL Gas & Power Business Services has announced the closure of its deal with Adani Green Energy Limited (AGEL) for ₹3,707 crore.
The deal was first announced in February, wherein TOTAL through its step-down subsidiary will invest in this joint venture. AGEL and TOTAL will each own 50 per cent in the JV. Further, the JV houses 2.148 GW operating solar projects operating across 11 States in India.
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, AGEL said in a statement. AGEL, a part of the Adani Group, is one of the largest renewable companies in India, with a current project portfolio of 6 GW including under construction capacity.
The AGEL portfolio includes the Restricted Group 1 & 2 projects, which had recently raised $862.5 million from the international bond markets. Restricted Group 2 was the first Investment Grade rated issuance by a renewable business from India.
Group Chairman Gautam Adani had recently outlined its intention to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030. The Indian government has set a target of achieving 175GW through renewable energy by 2022.
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