Adani Green Energy stocks in news on report Total likely to invest $300 million in new JV – Business Today

Shares of Adani Green Energy will be in focus on Wednesday morning after a media report quoting sources suggested that France’s TotalEnergies was looking to invest nearly $300 million in a new joint venture company with the Adani group firm and would house around 1 GW of renewable energy projects. Last week, Bloomberg had reported about the possibility of Total buying stakes in a few Adani Green Energy’s projects in a bid to expand its clean energy portfolio.
The fresh report, this time by the Economic Times, suggested that the JV would be owned equally by the two companies and will hold a mix of solar and wind power assets. As per the report, the assets would comprise 250 MW of operational capacity, 250 MW of planned projects and 500 MW of under-construction facilities.
TotalEnergies would contribute the equity investment, the ET report suggested adding that the Gautam Adani-led Adani Green Energy would provide the renewable energy assets.
If true, it will potentially be the first public deal between the French oil giant and the Adani group since the US-based short-seller Hindenburg Research levelled fraud allegations against the Gautam Adani-led firms, saying they were engaged in brazen stock manipulation and accounting fraud schemes over the course of decades. The Adani Group has denied wrongdoing.
Shares of Adani Green Energy have climbed 18.36 per cent in the past six months but are still down 46.82 per cent in 2023 so far.
The Bloomberg report last week suggested that the French group could invest about $700 million into the Adani Green projects. Deliberations are ongoing and there’s no certainty for a transaction, Bloomberg had reported.
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