France’s TotalEnergies SE will invest $300 million in a new joint venture with Adani Group for a renewable energy project. The Indian Group informed the stock markets about this on Wednesday. Adani Green Energy Ltd. is the renewable energy company of the Adani Group. (AGIL) said, ‘Total will invest $ 300 million directly or through its subsidiaries to form a 50:50 joint venture company with AGIL.’
Portfolio Includes Both Solar and Wind Energy
The new joint venture company Adani Green Energy Twenty Three Ltd. (AGIL23L) has 1,050 megawatts (MWAC). This includes 300 MW already in operation. Apart from this, 500 MW is under construction. 250 MW is under development. The portfolio consists of both solar and wind energy. After the Hindenburg report earlier this year, this is a big deal for investment in Adani Group companies.
Stock Market Decline After Hindenburg’s Allegations
Let us tell you that on behalf of Hindenburg, Adani Group was accused of manipulating the stocks of listed companies. After this, a significant fall was seen in the shares of Adani Group companies. This effect was that the shares reached their lowest level in 52 weeks. However, Adani Group had denied all these allegations.
After this, the Supreme Court formed a six-member committee to investigate the matter. After investigation, this committee has submitted its report to the Supreme Court. In this report, Adani Group has been given a clean chit from the allegations made by Hindenburg.
