Shares of Adani Green Energy soared by over 2 per cent in morning trade on Friday, a day after the company said it has entered into a binding agreement with Total Gas and Power Business Services SAS for investment of 510 million dollars to acquire 50 per cent stake and other instruments.
The joint venture company will house 2,148 MWac operating solar projects presently owned 100 per cent by the company.
The balance 50 per cent stake in the joint venture will be held by Adani Green Energy, the company said in regulatory filings.
The transaction underlines Adani Green Energy’s and Total’s commitment to address India’s growing demand for power in a sustainable manner and help meet climate change goals, it added.
Adani Green Energy plans to build the world’s largest solar power company by 2025 and the world’s largest renewable power company by 2030.
At 11:20 am, the company’s stock was trading at Rs 204, up by Rs 4.25 or 2.13 per cent from its previous closing of Rs 199.75 on BSE Ltd.