Adani Green Energy Limited on Wednesday announced that the Board of Directors of Company has in its meeting held today approved the execution of a binding term sheet to be entered into between the Company, Adani Green Energy Twenty Three Limited (AGE23L) and TotalEnergies SE (Total) pursuant to which, inter alia, Total will make further investment (either directly or through its affiliates) of USD 300 million to form a new 50:50 Joint Venture Company with the Company and modify certain terms of its investment in AGE23L, the company announced through an exchange filing.
The new Joint Venture Company will house 1,050 MWac portfolio, which will comprise of mix of already operational (300 MWac), under construction (500 MWac) and under development assets (250 MWac) with a blend of both, solar and wind power.
Purpose of entering into the Agreement
The purpose of a binding termsheet is provide for further investment by Total (either directly or through its affiliates) of USD 300 Mn to form a new 50:50 Joint Venture Company with the Company and modify certain terms of its investment in AGE23L.
Shareholding in the entity with whom the Agreement is executed
The Company does not hold any shareholding in Total. Both, the Company and Total will hold 50:50 percent of the paid-up equity share capital of the new Joint Venture Company. The Company and Total each holds 50:50 percent of the paid-up equity share capital of AGE23L. Total, through its affiliate entities, holds approximately 19.75 percent shareholding in the Company.
Adani Green Energy Limited shares
The shares of Adani Green Energy Limited on Wednesday at 2:37 pm IST were at Rs 1,000.20, down by 0.47 percent.
