TotalEnergies to invest $300 mln to form JV with Adani Green


- Advertisement -

French oil major TotalEnergies will invest $300 million to form a joint venture (JV) with Adani Green Energy on a project related to renewable energy, according to an exchange filing on Wednesday.

The JV will have a capacity to generate 1,050 megawatt of alternating current (MWac) from solar and wind power.

TotalEnergies already owns about 20% of Adani Green. This is its first big investment in the Indian company since January, when US short seller Hindenburg Research alleged improper dealings and use of tax havens by Adani Group, which the group has denied.

The companies did not say how much Adani Green was investing, or where the project would be located.

Adani Green said its board had also approved signing a binding term sheet with Total to modify certain terms of investment in the JV, named Adani Green Energy Twenty Three.

- Advertisement -


Please enter your comment!
Please enter your name here

Share post:




More like this

Ghana, creditor panel agree on debt restructuring, paving way for IMF cash

Ghana has finalised a pact with its official creditor...

Nigeria strikes deal with Shell to supply $3.8 billion methanol project

Nigeria has struck a deal for Shell (SHEL.L), opens new...

Africa’s $824 billion debt burden and opaque resource-backed loans hinder its potential, AfDB president warns

Africa's immense economic potential is being undermined by non-transparent...

IMF: South Africa needs decisive efforts to cut spending

South Africa needs more decisive efforts to cut spending...