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Indian regulator clears Adani-Total solar joint venture

The Competition Commission of India (CCI) has approved the acquisition of Adani Green Energy 23 Limited’s (AGE23L’s) solar power projects in operation, corresponding to a total capacity of 2,148 MW across 11 Indian states by a 50-50 joint venture between Total, through Total Solar Singapore, and AGEL. In February 2020, Total and AGEL agreed to create a 50-50 joint venture, which will take over AGEL’ solar projects in operation (2,353 MW, of which 205 MW have already been transferred to the JV). All the solar projects benefit from 25-year power purchase agreements (PPAs) with national and regional electricity distributors.

AGEL is 74.92%-owned by the Adani Group, the largest energy and infrastructure conglomerate in India. AGEL currently holds a portfolio of 13,990 MW renewable projects (74% solar, 12% wind and 14% wind-solar hybrid), of which 2,595 MW are operational and 11,395 MW are in the pipeline).  AGEL recently won a 700 MW solar-wind hybrid project in the State of Maharashtra (Western India). The group aims to reach 25 GW of renewable capacity by 2025.

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