'Invested Rs 3,707 cr for 50 pc in solar JV with Adani'

The JV houses 2.148 GW solar projects operating across 11 states in India, the company said in a statement. Post the investment, both Total and AGEL will hold 50 per cent stake in the joint venture dollar entity.

The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised $ 862.5 mn from the international bond markets, according to the company's press statement.

Restricted Group 2 was the first Investment Grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India and was widely recognized by global capital markets and international publications, it added.

The solar projects under the deal have nearly 25-year power purchase agreements with national and regional electricity distributors with a fixed rate. This should benefit the joint venture.

An AGEL press statement said that the transaction underlines the partners' commitment to contribute to addressing India's sustainable development goals. Through the establishment of the joint venture, both partners aim to adhere to the  highest standards of governance and strengthen the foundation of the partnership between the two groups.

The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores the robust climate commitment of both partners.

In line with the Adani Group ESG philosophy, AGEL has a strong ESG framework focusing on Climate Awareness, Climate Readiness and Climate Alignment. Consistent with India's commitment to renewable energy, sustainable development and UNFCC goals, AGEL is on track to achieve 25 GW by 2025.

With this, AGEL also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030.

To support this vision, the Group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems.