CHENNAI: Total Energies has invested $300 million in Adani Green Energy Limited (AGEL) subsidiary for acquiring 50% stake in its projects, the company said in a statement. The two companies have completed a joint venture (JV) announced in September. The JV houses a 1,050 MW portfolio consisting of already operational (300 MW), under construction (500 MW) and under development assets (250 MW) with a blend of both solar and wind power projects in India.
With this transaction, Total Energies has reinforced its alliance with AGEL and support in enabling AGEL’s target of 45 GW capacity by 2030, Adani Green Energy said in a statement. Meanwhile, Adani Energy Solutions Limited (AESL), part of Adani Group’s power transmission and distribution company, said it has received the Letter of Intent for the acquisition of Halvad Transmission from PFC Consulting Limited (PFCCL).
The Halvad Transmission, a special purpose vehicle (SPV), has been set up by PFCCL for evacuating 7 gigawatt (GW) of renewable energy from Khavda RE park, under Phase III, the company said in exchange filings. AESL won the project through tariff-based competitive bidding process and will commission the project in the next 24 months on build, own, operate, and maintain basis.
AESL would be investing Rs 3,000 crore to build, own, operate and maintain the 301 km transmission project for a period of 35 years. The project includes setting up of 765 kV Halvad switching station. With this project, AESL’s network reached installed and under-commissioning to 20,518 ckm and 53,161 megavolt amperes (MVA) of transformation capacity.
AESL also entered into a definitive agreement for the formation of a JV with the UAE-based Esyasoft Holdings (EHL) to implement Smart Metering projects in India and globally.