by America Hernandez
PARIS (Reuters) – TotalEnergies’ plan to form a new joint venture with Adani Green Energy reached a milestone on Monday with the Indian company’s board of directors approving the $444 million (401.16 million euros) project, the companies said on Monday.
They announced in September 2023 that they would form a new joint venture in a deal valued at the time at $300 million, which would give the Paris-based oil and gas company “direct access to ownership of assets” contributed by Adani Green, including wind and solar farms in India, where most energy needs are still met by coal.
The 50-50 joint venture will hold a portfolio of 1.15 GW of solar installations, both operational and under construction, Adani Green said in a statement, without specifying the financial commitments in the transaction, in which TotalEnergies Renewables Singapore is participating.
(Reporting by Hritam Mukherjee in Bangalore and America Hernandez; by Elena Smirnova)
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