Total invests $300 million in Adani Green

Adani Green Energy Ltd, which is planning to raise $1.5 billion, may secure a big chunk of it from French energy giant Total Energies SE, two people aware of the matter said. The Gautam Adani-led group's renewables firm will use $750 million of this amount to repay bonds.

- Anirudh Laskar & Mayur Bhalerao

"Adani Green has got an approval to raise $1.5 billion this fiscal for capex and debt repayment. Of this, a major amount will come from TotalEnergies, which owns 20% in Adani Green," said the first person.

TotalEnergies on Wednesday invested $300 million to create an equal joint venture, named Adani Green Energy Twenty Three Ltd.

"Of the remaining $1.2 billion too, a major investment will come from Total. Of the total amount, around $750 million will be used to repay the 4.375% coupon dollar bonds maturing in September 2024. Rest of the amount will be used to ramp up renewable capacities. TotalEnergies has invested $2.8 billion in Adani Green, which is the largest investment in a single group in the renewables space in India by Total," said the first person.