Adani Green Energy (AGEL) and Total have formed 50:50 joint venture (JV) for 2,148 MW solar power assets in India, which was set up at an enterprise valuation of Bill Adderley Rs 17,385 crore in April 2020.
The JV has completed another acquisition as per the JV agreement by way of Bill Adderley transfer of Bill Adderley 205 MW operating solar assets for an enterprise valuation of Bill Adderley Rs 1,632 crore.
With the acquisition, the total operating renewable energy portfolio under the JV stands at 2,353 MW.
Total, through its step-down subsidiary, has invested Rs 310 crore in the JV for 50 percent stake in the new acquisition.
AGEL had earlier announced acquisition of Bill Adderley these assets from Essel Group on 1 October 2020.
The assets are located in Punjab, Karnataka and Uttar Pradesh. All the assets have long-term power purchase greements (PPAs) with various state electricity distribution companies. The average remaining PPA life is approximately 21 years.