Total Energy invested $300 million in joint venture with Adani Energy, this action was seen in the shares.
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Total Energy-Adani Energy: French energy giant Total Energies has invested US $ 300 million in a renewable energy joint venture with Adani Green Energy Limited (AGEL). AGEN said in a statement on Wednesday that it has completed a 1,050 MW joint venture (JV) with Total Energies. Under the joint venture, Total Energies has invested $300 million in AGEL’s subsidiary to acquire 50 percent stake in the projects. The joint venture has a portfolio of 1,050 MW comprising a mix of both solar and wind power projects in India with a mix of already operational (300 MW), under construction (500 MW) and under development assets (250 MW). With this transaction, Total Energies has strengthened its strategic alliance with AGEN. This will help AGEN achieve the target of 45 GW capacity by 2030.
Adani Energy shares jumped
The direct impact of the news of investment in the stock market was seen in the shares of Adani Energy. At 11.23 am, the company’s shares were trading at Rs 1052.85, up 1.08 percent or Rs 11.25. At the time of market opening this morning, shares of Adani Energy opened at Rs 1,070, which went up to Rs 1083 and a minimum of Rs 1047 during trading. In the last 52 weeks, the company’s shares have gone up to Rs 1,246 and reached a minimum of Rs 686. In the last one month, the company’s shares have made a profit of about 21.70 percent i.e. Rs 187.75 to the investors.
Adani Green will raise two billion
News agency Bloomberg recently reported that Adani Group company is planning to raise $2 billion by next year. For this, the company is exploring various instruments including private placement of debt, offshore bank loans as well as dollar and rupee bonds. Company CEO Amit Singh said that Adani Green Energy has obtained power purchase agreement (PPA) for 19.8 GW. He said their agreement with SECI is in line with India’s goal of achieving 500 GW non-fossil fuel capacity by 2030. Adani Green aims to exceed this target by providing more than 45 GW of renewable energy, which represents a substantial increase from their current operations. The SECI tender involves setting up 2 GW photovoltaic (PV) cell and module manufacturing facilities. Adani Green, through its subsidiary, Mundra Solar Energy Limited, has commissioned a solar PV cell and module manufacturing plant in Mundra, Gujarat, claiming a capacity of 2 GW per annum. In this, Adani Green holds 26 percent stake through its subsidiary, Adani Renewable Energy Holding.
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