Adani Green Energy Limited (AGEL), a Gujarat-based solar power developer, announced that it has entered into a joint venture with TOTAL Solar Singapore PTE Limited for about 2.1 GW of operating solar power projects presently owned by Adani.
AGEL announced this through a filing on the Bombay Stock Exchange (BSE). The filing noted that after a meeting with the board of directors on March 22, 2020, it approved a draft joint venture agreement between TOTAL Solar Singapore PTE Limited and Adani Green Energy Twenty-Three Limited, a wholly-owned subsidiary of AGEL.
The subsidiary will acquire 2,148 MW of AGEL’s operating solar power projects. It stated that the JVA would record the terms and conditions for:
- Regulating the operation and management of the JV company
- Governing the relationship between Adani and Total
- Certain rights and obligation of Adani and Total concerning the JV company
It noted that AGEL would hold 100% of the paid-up equity share capital.
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