The power generation company said that the purpose of a binding termsheet is to provide for further investment by Total (either directly or through its affiliates) of $300 million to form a new 50:50 joint venture (JV) company with the company and modify certain terms of its investment in AGE23L.

Both, Adani Green Energy and Total will hold an equal stake of 50% in the new JV.

The new JV company will house 1,050 MWac portfolio, which will comprise of mix of already operational (300 MWac), under construction (500 MWac) and under development assets (250 MWac) with a blend of both, solar and wind power.

TotalEnergies, through its affiliate entities, holds around 19.75% stake in Adani Green Energy.

The transaction details are under discussion and subject to customary approvals, said the company.

Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The power generation company's consolidated net profit surged 50.47% to Rs 322 crore on 35.51% jump in revenue from operations to Rs 2,156 crore in Q1 FY24 over Q1 FY23.

Shares of Adani Green Energy were down 0.26% to Rs 1,001.90 on the BSE.