Adani Green Energy Limited (AGEL) announced that it has added 205 MW of operational solar projects worth ₹16.32 billion (~$222.9 million) to the portfolio of its joint venture with French oil and gas major TOTAL.

According to the company’s latest statement, the enterprise valuation of these assets stood at ₹173.85 billion (~$2.4 billion). The latest acquisition has brought up the overall portfolio of the joint venture to over 2.3 GW.

In March, Mercom reported that Adani entered into a joint venture with TOTAL for about 2,148 MW of operating solar power projects owned by Adani.

According to Mercom’s India Solar Project Tracker, AGEL has about 2.44 GW of solar projects in operation and about 10.1 GW under development as of June 30, 2020.

TOTAL invested ₹3.1 billion (~$42.3 million) in the joint venture for a 50% stake in the latest acquisition, according to AGEL’s statement. It added that the solar assets are located across Punjab, Karnataka, and Uttar Pradesh. The projects have long-term power purchase agreements with an average remaining PPA life of about 21 years.

Previously, Adani Green said it had completed the acquisition of 205 MW of operational solar assets in Punjab, Karnataka, and Uttar Pradesh from Essel Green Energy and Essel Infra. The company had signed an agreement with the Essel Group to acquire these projects back in August 2019.

“India continues to be one of the most attractive markets for clean energy globally … This step is in line with our ambition of achieving 25 GW of renewable power capacity by 2025 and becoming the world’s largest renewable power company by 2030,” said Gautam Adani, Chairman of the Adani Group.

Adani Green Energy was rated the top solar developer in the world based on its operational, under-construction, and awarded projects, according to Mercom Capital Group’s Global Large-Scale Solar PV Developers Report. It said the company had a portfolio of 12.3 GW of solar projects under different stages of execution.

Solar project acquisition activity ramped back up globally after major disruption caused by COVID-19. Mercom Capital Group’s Solar Funding and M&A Report finds that globally about 9.5 GW of solar projects were acquired in Q3 2020, a 244% increase compared to 2.8 GW in Q2 2020.