Public Sector

Adani Green Enters in Joint Venture Agreement with Total Solar Singapore

Adani Green Enters in Joint Venture Agreement with Total Solar Singapore

Adani Green Enters in Joint Venture Agreement with Total Solar Singapore

Adani Green Enters in Joint Venture Agreement with Total Solar Singapore – The giant solar energy developer, Adani Green Energy Limited (AGEL), announced that it’s entered into a venture with TOTAL Solar Singapore PTE Limited for about 2.1 GW of operating solar energy projects presently owned by Adani.

AGEL announced this through a filing on the Bombay stock market (BSE). The filing noted that after a gathering with the board of directors on March 22, 2020, it approved a draft venture agreement between TOTAL Solar Singapore PTE Limited and Adani Green Energy Twenty-Three Limited, a wholly-owned subsidiary of AGEL.

The subsidiary will acquire 2,148 MW of AGEL’s operating solar energy projects. It stated that the JVA would record the terms and conditions for:

  1. Regulating the operation and management of the JV company
  2. Governing the connection between Adani and Total
  3. Certain rights and obligation of Adani and Total concerning the JV company
  4. It noted that AGEL would hold 100% of the paid-up equity share capital.

Recently, Mercom had reported that Total entered into an agreement with Adani Green Energy to accumulate a 50% stake during a venture company for $510 million (~₹36.26 billion). The agreement will cause the transfer of 2,148 MW (AC) of operating solar assets, which are currently owned by AGEL to the new venture company was the most important project developer in terms of cumulative solar installations as of June 2019.

The subsidiaries, Adani Renewable Energy Limited, and Kodangal Solar Parks Private Limited as AGEL will own the remaining 50% stake within the company. Adani has approved the issuance of dollar-denominated 20-year senior secured green bonds amounting to $362.5 million.

Previously, Mercom reported that Adani Green Energy Limited announced its financial results for the nine months (9M) and quarter ending New Year’s Eve, 2019. the entire revenue for the corporate from operations within the first nine months of the fiscal year stood at ₹18.53 billion (~$260.12 million), up by 35% on a year-on-year (YoY) basis.

Read more Public Sector News on India Frontline.