Adani Green Energy and TotalEnergies (a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity) have entered into a joint venture, pursuant to which the Company and TotalEnergies own a 50:50 stake in Adani Renewable Energy Sixty Four (ARE64L), which in-turn houses a 1,150 MWac project portfolio, being a mix of following operational and under execution solar assets, with a blend of both, merchant based and SECI PPA projects housed under Adani Renewable Energy Fifty Six (hereinafter referred to as “Project Portfolio Company”).
As part of the transaction, TotalEnergies has acquired a 50% stake in ARE64L, for an amount of USD 444 Million which are terms more beneficial to the Company (Transaction) as also disclosed pursuant to the notice issued for calling an extraordinary general meeting of the shareholders issued on 02 September 2024.
With this investment, ARE64L has now become 50-50 owned by the Company and TotalEnergies.