French oil major TotalEnergies will invest $300 million to form a joint venture (JV) with Adani Green Energy on a project related to renewable energy, according to an exchange filing on Wednesday.
The JV will have a capacity to generate 1,050 megawatt of alternating current (MWac) from solar and wind power.
TotalEnergies already owns about 20% of Adani Green. This is its first big investment in the Indian company since January, when US short seller Hindenburg Research alleged improper dealings and use of tax havens by Adani Group, which the group has denied.
The companies did not say how much Adani Green was investing, or where the project would be located.
Adani Green said its board had also approved signing a binding term sheet with Total to modify certain terms of investment in the JV, named Adani Green Energy Twenty Three. (Reporting by Sethuraman NR in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)