Adani Green Energy has transferred three solar power assets, which it had acquired from Essel Group, to its joint venture company with France’s Total, for Rs 1,632 crore. The three solar assets, with a combined capacity of 205MW, are located in Punjab, Karnataka and UP.
These assets have long-term power purchase agreements (about 21 years) with various state electricity distribution companies. Total has invested Rs 310 crore in the JV after the transfer of the three assets.
Including this transfer, the total renewable portfolio under the 50:50 joint venture stands at 2,353MW. Adani and Total formed the JV in April with an aim to have a portfolio of 2,148MW solar power assets in India. The JV was formed with an enterprise value of Rs 17,385 crore.
“The (latest) step is in line with our ambition of achieving 25GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030,” said Adani Group chairman Gautam Adani.