French firm Total SA invests Rs 37.07 billion to form JV with Adani Group

Total S.A., through its step down subsidiary, has invested Rs 37.07 billion for a 50:50 joint venture (JV) partnership with Adani Green Energy Limited (AGEL). The JV will own 2.148 GW of solar projects operating across 11 states in the country. The portfolio includes the restricted group 1 and 2 projects that had recently raised $862.5 million from the international bond market. Restricted group 2 was the first investment grade-rated issuance by a renewable business in India and was widely recognised by global capital markets and international publications. With this, AGEL inches closer to its target of becoming the largest solar player in the world by 2025 and the largest renewable player in the world by 2030.