TotalEnergies to invest $300 mn in JV with Adani Green Energy

TotalEnergies to invest $300 million in a joint venture with Adani Green Energy for renewable energy project.

French oil major TotalEnergies will invest $300 million to form a joint venture (JV) with Adani Green Energy on a project related to renewable energy, according to an exchange filing on Wednesday.

The JV will have a capacity to generate 1,050 megawatts of power from solar and wind power.

TotalEnergies already owns about 20% of Adani Green. This is its first big investment with the Indian company since January, when U.S. short seller Hindenburg Research alleged improper dealings and use of tax havens by Adani Group, which the group has denied.

Adani Green will contribute assets to the joint venture, it said in a statement, adding that the JV will help in achieving the company’s target of having 45 GW of renewable energy capacity by 2030.

Adani Green said its board had also approved signing a binding term sheet with Total to modify certain terms of investment in the JV, named Adani Green Energy Twenty Three.