ADANI GROUP will set up a joint venture with TotalEnergies to manage a 1,150-megawatt portfolio of solar projects in Gujarat, the company said Tuesday (3).
The deal, which will expand business ties between Indian billionaire Gautam Adani's conglomerate and the French firm, will see Adani Green Energy (AGEL) contribute its "current assets" to the new joint venture.
TotalEnergies will invest $444 million (£351m) to "accelerate the development of these projects".
A separate exchange filing said that AGEL and TotalEnergies will hold an equal stake in the tie-up.
AGEL is 19.75 per cent owned by TotalEnergies.
"The projects are located at the world's largest renewable energy plant in Khavda, Gujarat," AGEL said in a statement.
The Khvada site will extend over 538 square kilometres (207 square miles) -- five times the size of Paris -- and is aimed to produce solar and wind capacity of 30 GW, with 2GW already being produced by AGEL, TotalEnergies said in a statement.
The electricity generated from the projects will be sold through purchase agreements with the Solar Energy Corporation of India and through sales on the wholesale market.
"This new transaction will allow TotalEnergies to capitalise on the ongoing liberalisation of the Indian electricity market," TotalEnergies said.
TotalEnergies has also been rapidly developing renewable electricity production, with 22 GW of installed gross production capacity at the end of 2023.
It aims to expand this to 35 GW by 2025.
The Adani Group, a sprawling ports-to-power conglomerate, saw $150 billion (£119bn) wiped from its market value in early 2023 after a bombshell report by US-based short seller Hindenburg Research accused it of "brazen" corporate fraud.
In the aftermath of that, TotalEnergies said its capital exposure to Adani was "limited" at $3.1bn (£2.45bn).
The company also said it was putting on hold a deal to create a new hydrogen company with the conglomerate.
In September 2023, however, the two companies unveiled plans to create a joint venture to develop wind and solar electricity production in India.
(AFP)
During the hearing, Clifford denied all the charges except for the rape charge, which was added to the indictment at the session. (Photo: Hertfordshire Police /Handout via REUTERS)
Man pleads not guilty to murder of BBC presenter's family
A 26-year-old man has pleaded not guilty to charges of murdering the wife and two daughters of BBC sports commentator John Hunt in a crossbow and knife attack.
Kyle Clifford, who also faces charges of rape, appeared via video link at Cambridge Crown Court on Thursday.
Clifford, arrested in July after a manhunt, is charged with three counts of murder, one count each of rape and false imprisonment, and two counts of possessing offensive weapons – a 10-inch knife and a crossbow.
During the hearing, Clifford denied all the charges except for the rape charge, which was added to the indictment at the session.
He is expected to enter a plea for that charge at a later date.
The victims were Carol Hunt, 61, wife of horseracing commentator John Hunt, and their daughters Louise, 25, and Hannah, 28.
An earlier hearing revealed that Louise had been found tied up and that both she and her sister had been shot with a crossbow, while their mother had been stabbed with a knife.
The fatal attack occurred at the family’s home in Bushey, a commuter town near Watford, northwest of London.
(With inputs from AFP)