Amidst weak markets, Adani Green Energy’s shares experienced a decline of almost 2% on 2 September. This is despite the company announcement that they have signed a binding agreement for a Joint Venture (JV) with TotalEnergies Renewables Singapore that involves an investment of $444 million into the new JV entity.

This follows the signing of a $300 million deal between the company and the French major oil company to build renewable energy capacity in India, where coal still meets the majority of the nation’s energy demands.

The joint venture will incorporate a 1,150 MWac (Mega-Watt Alternating Current) solar power portfolio, comprising both operational and under-construction assets. This portfolio will include a mix of merchant-based and PPA-based projects. Adani Green Energy and TotalEnergies will each hold a 50% ownership stake in the new entity, according to a release from Adani Green Energy.

The corporation states that the terms of the deal are still being investigated and are subject to customary approvals and conditions. TotalEnergies, through its subsidiaries, owns about 20% of Adani Green.

At 11:36 am, the shares of Adani Green Energy were trading 1.88% lower at Rs 1,909 on NSE. 

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