Adani Green Energy (AGEL) has signed a Joint Venture agreement with TotalEnergies Renewables Singapore Pte (TotalEnergies) and Adani Renewable Energy Sixty Four (ARE64L) on September 26, 2024.

Further to the execution of the Joint Venture Agreement, the Company and TotalEnergies owns a 50:50 stake in ARE64L. ARE64L in-turn houses a 1,150 MWac project portfolio. TotalEnergies has acquired a 50% stake in ARE64L for an amount of $444 million.

The investment of initial amount of $444 million by TotalEnergies will help the Company in monetization of its assets while retaining the control and also unlocking capital for future growth of the Company. The Transaction also reinforces the strategic alliance between the Company and TotalEnergies and will support the Company in becoming the Indian leader of renewable energy, with a target of 50 GW renewable power capacity by 2030.

Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.