Adani Green Energy, TotalEnergies form joint venture to expand partnership

Adani Green Energy and TotalEnergies have entered into an agreement to create a new joint venture, equally owned by both, with a 1,050 MW portfolio.

This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW) and under development assets (250 MW) with a blend of both solar and wind power, an Adani Group press release said on Wednesday.

Adani Green Energy will contribute to the joint venture with the assets and TotalEnergies an equity investment of USD 300 million (MUS$).

Adani Green aims to become the Indian leader in renewable energy, with a target of 45 GW of renewable power capacity by 2030.

“We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India's glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030,” Adani Group Chairman, Gautam Adani, as per the release.

The completion of the transaction shall be upon “satisfaction of customary closing conditions including the receipt of certain regulatory approvals”.

“TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market,” said TotalEnergies' Chairman and CEO, Patrick Pouyanné.