Adani Green Energy gains on signing joint venture agreement with TotalEnergies
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Adani Green Energy is currently trading at Rs. 2077.50, up by 19.10 points or 0.93% from its previous closing of Rs. 2058.40 on the BSE.
The scrip opened at Rs. 2075.70 and has touched a high and low of Rs. 2083.30 and Rs. 2050.00 respectively. So far 79340 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2173.65 on 03-Jun-2024 and a 52 week low of Rs. 816.00 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 2091.85 and Rs. 1964.70 respectively. The current market cap of the company is Rs. 328845.14 crore.
The promoters holding in the company stood at 57.52%, while Institutions and Non-Institutions held 18.38% and 24.11% respectively.
Adani Green Energy (AGEL) has signed a Joint Venture agreement with TotalEnergies Renewables Singapore Pte (TotalEnergies) and Adani Renewable Energy Sixty Four (ARE64L) on September 26, 2024.
Further to the execution of the Joint Venture Agreement, the Company and TotalEnergies owns a 50:50 stake in ARE64L. ARE64L in-turn houses a 1,150 MWac project portfolio. TotalEnergies has acquired a 50% stake in ARE64L for an amount of $444 million.
The investment of initial amount of $444 million by TotalEnergies will help the Company in monetization of its assets while retaining the control and also unlocking capital for future growth of the Company. The Transaction also reinforces the strategic alliance between the Company and TotalEnergies and will support the Company in becoming the Indian leader of renewable energy, with a target of 50 GW renewable power capacity by 2030.
Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.
