Total Creates JV With India's Adani Green Energy
February 06 2020 - 4:22AM
Dow Jones News
By Giulia Petroni
Total SA (FP.FR) said Thursday that it plans to create a joint
venture with Adani Green Energy Ltd. (541450.BY) by acquiring 50%
of a 2-gigawatts solar portfolio for about $500 million.
The French oil giant said the India-based power-generation
company, which is part of Adani Group, will transfer its solar
assets in operation to the venture.
The projects have a cumulative capacity of 2 gigawatts and
benefit from nearly 25-year power purchase agreements at a fixed
rate with electricity distributors throughout India, according to
Total.
The acquisition, which is still subject to authorities'
approval, is part of Total's goal to have double-digit returns on
renewables projects, the company said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 06, 2020 04:07 ET (09:07 GMT)
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