France’s TotalEnergies and a subsidiary of India’s Adani Group have agreed to form a joint venture comprising solar and wind power assets with a capacity of 1,050 megawatts.
The portfolio of the new venture, equally owned by the two companies, will include operational projects as well as assets under construction or in the development phase, TotalEnergies said on Wednesday.
Adani Green Energy will contribute the assets to the new company, while TotalEnergies will invest $300 million in equity to support their development.
“TotalEnergies has been developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market,” said Patrick Pouyanne, TotalEnergies’ chairman and chief executive.
“This new joint venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets.”
TotalEnergies holds a 50 per cent stake in Adani Total Private and a 37.4 per cent stake in Adani Total Gas, which develops distribution networks to supply piped natural gas.
The European energy major also picked up a 20 per cent stake in Adani Green Energy in 2021. Before that, TotalEnergies formed a 50-50 joint venture with the renewable energy company in 2020 to operate solar projects.
“We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India’s glide path to decarbonisation,” said Gautam Adani, Adani Group chairman.
The completion of the deal will depend on regulatory approvals.
This month, Adani Group said its financial status remained unaffected despite “misleading” reports, in its latest rebuttal to a report from Hindenburg Research in January.
The Ahmedabad-based conglomerate has “rebounded strongly since the release of a short-selling report in January 2023", it said.
The Hindenburg report accused the Adani Group of stock manipulation and improper use of offshore tax havens, as well as raising concerns about its high level of debt. Adani Group has vigorously denied all the allegations.
In February, TotalEnergies said its exposure to Adani Group was limited to $3.1 billion, representing about 2.4 per cent of the company's capital employed.
“TotalEnergies has not performed any re-evaluation in its accounts of its stakes in the listed entities ATGL [Adani Total Gas] and AGEL in relation to the increase in their stock values,” the company said at the time.
TotalEnergies' investments in Adani Group companies were undertaken in “full compliance” with Indian laws and the company's internal governance policy, it said.
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
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UAE currency: the story behind the money in your pockets
Results
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Company%C2%A0profile
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
UAE rugby in numbers
5 - Year sponsorship deal between Hesco and Jebel Ali Dragons
700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams
Dh1.8m - Dubai Hurricanes' overall budget for next season
Dh2.8m - Dubai Exiles’ overall budget for next season
Company%20profile
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MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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Superliminal%20
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Russia's Muslim Heartlands
Dominic Rubin, Oxford
