Adani Green Energy Ltd (AGEL), which is developing a renewable portfolio of 15 GW by 2025 through wind power, solar power, and hybrid power projects shot into the limelight today.
The stock opened at its intraday high at Rs.166.80, rising almost 5% and continues to trade currently at Rs.165 levels. It was so close to its 5% UC of today at Rs.166.95.
The company announced that the French energy major, Total has invested Rs.3707 crore for 50% partnership in a JV.
The JV houses 2.148 GW operating solar projects operating across 11 states in India. The portfolio includes the Restricted Group 1 & 2 projects, which had recently raised $862.5mm from the international bond markets. Restricted Group 2 was the first Investment Grade rated issuance (rated BBB-/Baa3/BBB-) by a renewable business in India and was widely recognized by global capital markets and international publications.
This is the second such investment by Total – last month is sealed a deal to buy a 37.5% stake in Adani Gas.
With this, AGEL also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030. To support this vision, the Group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems.