India's Adani Green Energy (ADNA.NS) said on Monday that its board has approved agreements that would enable a TotalEnergies (TTEF.PA) affiliate to invest $444 million to form a new joint venture with the company.
This 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.
Adani Green, Adani Renewable Energy Sixty Four and TotalEnergies Renewables Singapore will enter into definitive agreements for the proposed joint venture.
The company did not disclose the financial commitments it would make for the proposed joint venture.
Adani Green and TotalEnergies will each own 50% stake in the resultant entity. The French major, with its affiliates, holds a nearly 20% stake in Adani Green.
The joint venture will house a portfolio of 1,150 megawatts of electricity, comprised of a mix of operational and under-execution solar assets, Adani Green said in a statement.
Shares of Adani Green closed 5.9% higher on Monday.
