E Point Zero Holding RSC Ltd. ("ePointZero"), a subsidiary of Two Point Zero Group PJSC, has entered into a joint venture agreement with Adani Green Energy Limited ("AGEL") to develop renewable energy projects in India. The joint venture will be executed by ePointZero through Minerva Holding RSC Ltd. (?Minerva?), its renewable energy development platform in India. AGEL, through its UAE subsidiary, will invest up to 20% shareholding in the joint venture.
Adani Green Energy Limited is an India-based renewable energy company. The Company has a presence across 12 states of India, focusing on solar, wind and hybrid (solar wind) renewable power generation. It operates through two segments: renewable power generation and other related ancillary activities and sale of solar power equipments. The sale of solar power equipments segment comprises of an associate, Mundra Solar Energy Limited. The Company sells renewable power generated from its projects under a combination of long-term power purchase agreements (PPA) and on merchant basis and other ancillary activities. It is also developing solar park at khavda, Gujarat over 19,000 hectares and subleased 6,129 hectares land to its subsidiaries including step down subsidiaries and other related parties. Its locked-in renewable energy portfolio stands at approximately 21,953 megawatt (MW) (10,934 MW operational and 11,019 MW under execution) and another 500 MW of hydro pumped storage project.
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