The Competition Commission of India (CCI) has approved the transfer of Adani Green Energy’s ten solar energy generation assets to its joint venture with Total Solar Singapore, a renewable energy arm of French oil and gas giant Total.
The assets proposed to be acquired by the Adani Green-Total joint venture include TN Urja, Essel Urja, PN Renewable Energy, PN Clean Energy, KN Indi Vijaypura Solar Energy, KN Bijapura Solar Energy, KN Muddebihal Solar Energy, KN Sindagi Solar Energy, Essel Bagalkot Solar Energy and Essel Gulbarga Solar Power.
Subsequent to the asset transfer, the Adani Green-Total joint venture will acquire 100% shareholding of the solar portfolio, with Total buying half the stake for US$ 510 million.
“The 2,148 MWac solar portfolio, currently wholly owned by Adani Green Energy, is spread across 11 states in India. All the projects benefit from fixed-tariff, long-term (nearly 25 years) power purchase agreements with national and regional electricity distributors,” as reported by pv magazine earlier.
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