Adani Green Expands its Joint Venture with TOTAL after Acquiring 205 MW of Solar Assets
The latest acquisition has brought up the overall portfolio of the joint venture to a little over 2.3 GW
October 15, 2020
Adani Green Energy Limited (AGEL) announced that it has added 205 MW of operational solar projects worth ₹16.32 billion (~$222.9 million) to the portfolio of its joint venture with French oil and gas major TOTAL.
According to the company’s latest statement, the enterprise valuation of these assets stood at ₹173.85 billion (~$2.4 billion). The latest acquisition has brought up the overall portfolio of the joint venture to over 2.3 GW.
In March, Mercom reported that Adani entered into a joint venture with TOTAL for about 2,148 MW of operating solar power projects owned by Adani.
According to Mercom’s India Solar Project Tracker, AGEL has about 2.44 GW of solar projects in operation and about 10.1 GW under development as of June 30, 2020.
TOTAL invested ₹3.1 billion (~$42.3 million) in the joint venture for a 50% stake in the latest acquisition, according to AGEL’s statement. It added that the solar assets are located across Punjab, Karnataka, and Uttar Pradesh. The projects have long-term power purchase agreements with an average remaining PPA life of about 21 years.
Previously, Adani Green said it had completed the acquisition of 205 MW of operational solar assets in Punjab, Karnataka, and Uttar Pradesh from Essel Green Energy and Essel Infra. The company had signed an agreement with the Essel Group to acquire these projects back in August 2019.
“India continues to be one of the most attractive markets for clean energy globally … This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030,” said Gautam Adani, Chairman of the Adani Group.
Adani Green Energy was rated the top solar developer in the world based on its operational, under-construction, and awarded projects, according to Mercom Capital Group’s Global Large-Scale Solar PV Developers Report. It said the company had a portfolio of 12.3 GW of solar projects under different stages of execution.
Solar project acquisition activity ramped back up globally after major disruption caused by COVID-19. Mercom Capital Group’s Solar Funding and M&A Report finds that globally about 9.5 GW of solar projects were acquired in Q3 2020, a 244% increase compared to 2.8 GW in Q2 2020.
Nithin Thomas Prasad
More articles from Nithin Thomas Prasad.RELATED POSTS
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules
Intra-State Sections of Evacuation Infrastructure for Renewables Delayed
EnBW Takes €2.4 Billion Final Investment Decision on Offshore Wind Project
Get the most relevant India solar and clean energy news.
RECENT POSTS
LATEST HEADLINES
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules
Mar 24, 2023
Intra-State Sections of Evacuation Infrastructure for Renewables Delayed
Mar 24, 2023
EnBW Takes €2.4 Billion Final Investment Decision on Offshore Wind Project
Mar 24, 2023
India Missed 2022 Renewables Target as Rooftop Solar and Wind fell Short
Mar 24, 2023
Researchers Aim to Accelerate Delivery of Space-Based Solar Power to Earth
Mar 24, 2023
India added an impressive 2.5 GW open access solar capacity in 2022, registering a growth of 92% year-over-year (YoY), according to the 2022 Q4 & Annual Mercom India Solar Open Access Market Report. Karnataka emerged as the to...
March 23, 2023
Markets & Policy
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar ModulesThe Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements betwe...
March 24, 2023
C&I
In Bengaluru, a 100 kW Solar System Can Save C&I Entities ₹1 Million AnnuallyMercom India successfully concluded the C&I Clean Energy Meet 2023 in Bengaluru, where stakeholders in the solar sector and commercial and industrial entities converged to enthusiastically discuss the benefits of renewable ene...
March 24, 2023
Other
Gensol Acquires Solar Tracker Maker Scorpius for ₹1.35 BillionGensol Engineering, a part of solar engineering, procurement, and construction (EPC) company Gensol Group, has acquired India-based solar tracker manufacturer Scorpius Trackers for ₹1.35 billion ($16.4 million). Gensol said the ac...
March 23, 2023
Trending News
Mercom Focus
Researchers Find Solution to Manage Load in Solar PV & Storage Systems
February 28, 2023
February 27, 2023
February 24, 2023
January 17, 2023
Magazine
Latest News
The Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements...
March 24, 2023
The Ministry of New and Renewable Energy (MNRE) told the Parliamentary Standing Committee on Energy that the intra-state stretches of the Green Energy Corridor (GEC) have been delayed due to various reasons, including...
March 24, 2023
German electric utility company Energie Baden-Wuerttemberg (EnBW) has made its final €2.4 billion (~$2.6 billion) investment decision on He Dreiht, a major wind project in the German North Sea. The project has a capacity of 960...
March 24, 2023
The Parliamentary Standing Committee on Energy report has isolated underwhelming progress on rooftop solar and wind energy projects as the primary reason for India falling short of achieving its renewable energy capacity target...
March 24, 2023
Researchers at Northumbria University are studying ways of producing wireless electricity from space to Earth by harvesting the Sun’s energy. U.S.-based aerospace, defense, and information security organization Lockheed Martin...
March 24, 2023
The Maharashtra Electricity Regulatory Commission (MERC) recently directed Hindustan Petroleum Corporation (HPCL) and the Maharashtra State Electricity Distribution Company (MSEDCL) to recompute the delayed payment charge from...
March 24, 2023
The National Renewable Energy Laboratory (NREL) has devised a new way to produce perovskite solar cells that could speed its commercialization. Different layers are typically added sequentially to a conductive glass substrate to...
March 24, 2023
Saudi Arabia-based energy company ACWA Power has signed power purchase and investment agreements with National Electric Grid of Uzbekistan, and the Ministry of Investment, Industry, and Trade to develop new solar and battery...
March 24, 2023
The China Securities Regulatory Commission has approved the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker Canadian Solar, to issue an initial public offering (IPO). The...
March 24, 2023
Renewable capacity grew by 9.6% in 2022, adding a record 295 GW worldwide. This accounts for 83% of all power capacity added last year and brings the global renewable generation capacity to 3,372 GW by the end of last year, a...
March 24, 2023
Get the most relevant India solar and clean energy news.
POPULAR POSTS
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules
Mar 24, 2023
Intra-State Sections of Evacuation Infrastructure for Renewables Delayed
Mar 24, 2023
EnBW Takes €2.4 Billion Final Investment Decision on Offshore Wind Project
Mar 24, 2023
India Missed 2022 Renewables Target as Rooftop Solar and Wind fell Short
Mar 24, 2023
Researchers Aim to Accelerate Delivery of Space-Based Solar Power to Earth
Mar 24, 2023
