Adani Green Energy announced on Monday its agreement with an arm of French multinational TotalEnergies, which would be investing $444 million to form a new joint venture.
According to a bourse filing, Adani Green, Adani Renewable Energy Sixty Four and TotalEnergies Renewables Singapore will enter into definitive agreements for the proposed joint venture.
The statement added that Adani Green and TotalEnergies will each hold a 50 percent stake in the new entity.
The company said the joint venture firm will house a 1,150-megawatt alternating current portfolio.
The release said the portfolio will comprise a mix of operational and under-execution solar assets and blend merchant-based and power purchase agreement-based projects.
This move comes after the company and the French oil major had inked a $300 million deal to build renewable capacity in India, where the bulk of energy requirements are still met by coal.
The French major and its affiliates hold a 19.75 percent stake in Adani Green.
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