|
|
|
'Invested Rs 3,707 cr for 50 pc in solar JV with Adani'
|
|
|
|
Top Stories |
|
|
|
|
SME Times News Bureau | 07 Apr, 2020
French oil and gas group, TOTAL SA on Tuesday said that through its
step-down subsidiary it has invested Rs 3,707 crore for 50 per cent
partnership with Adani Green Energy Ltd (AGEL) in a joint venture (JV).
The
JV houses 2.148 GW solar projects operating across 11 states in India,
the company said in a statement. Post the investment, both Total and
AGEL will hold 50 per cent stake in the joint venture dollar entity.
The
portfolio includes the Restricted Group 1 & 2 projects, which had
recently raised $ 862.5 mn from the international bond markets,
according to the company's press statement.
Restricted Group 2
was the first Investment Grade rated issuance (rated BBB-/Baa3/BBB-) by a
renewable business in India and was widely recognized by global capital
markets and international publications, it added.
The solar
projects under the deal have nearly 25-year power purchase agreements
with national and regional electricity distributors with a fixed rate.
This should benefit the joint venture.
An AGEL press statement
said that the transaction underlines the partners' commitment to
contribute to addressing India's sustainable development goals. Through
the establishment of the joint venture, both partners aim to adhere to
the highest standards of governance and strengthen the foundation of
the partnership between the two groups.
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.
In line with the Adani Group
ESG philosophy, AGEL has a strong ESG framework focusing on Climate
Awareness, Climate Readiness and Climate Alignment. Consistent with
India's commitment to renewable energy, sustainable development and
UNFCC goals, AGEL is on track to achieve 25 GW by 2025.
With
this, AGEL also targets to become the largest solar player in the world
by 2025 and the largest renewable player in the world by 2030.
To
support this vision, the Group has committed to invest over 70 per cent
of its budgeted capex into clean energy and energy-efficient systems.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|