Shares of Adani Green Energy Ltd. are trading flat after touching a day’s high of Rs 2,070.00 on 27th September, following the company’s announcement of a joint venture agreement with French energy giant TotalEnergies, marking a significant step in expanding renewable energy in India on Thursday.

The firm has signed a JV Agreement with TotalEnergies Renewables Singapore Pte Limited. (TotalEnergies) and Adani Renewable Energy Sixty Four Ltd. (ARE64L), as confirmed in a stock exchange filing.

As part of the partnership, TotalEnergies will invest $444 million to acquire a 50% stake in ARE64L, which holds a portfolio of 1,150 MWac solar projects located at the world’s largest renewable energy plant in Khavda, Gujarat.

With this investment, Adani Renewable Energy Sixty Four Ltd. (ARE64L) is now equally owned by Adani Green Energy Ltd. (AGEL) and TotalEnergies, laying a strong foundation for future growth in the renewable energy sector.

The joint venture will allow both companies to manage a diverse range of solar assets, including operational projects and those in development, consisting of both merchant-based projects and those backed by power purchase agreements (PPAs) with the Solar Energy Corporation of India (SECI), thus enhancing AGEL’s operational capabilities.

It was approved by AGEL’s shareholders during an extraordinary general meeting on 25th September 2024.

At 11:14 AM, the shares of Adani Green were trading 0.14% higher at Rs 2,060.70 on NSE.

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