- The joint venture will hold a portfolio of 1,050 MW, including 300 MW of already operational capacity, 500 MW under construction and 250 MW under-development assets with a blend of solar and wind power
- This will help deliver our vision to have 45 GW renewable energy capacity by 2030: Adani Group Chairman, Gautam Adani
NE BUSINESS BUREAU
AHMEDABAD, SEPT 20
French energy giant TotalEnergies SE will invest USD 300 million in a new clean energy joint venture with the Adani Group. Total will hold a 50 per cent stake in the new joint venture firm, with Adani Green Energy Ltd holding the rest, the two firms said in a statement.
Adani Green Energy Limited (AGEL) and TotalEnergies have entered into a binding agreement to create a new JV, equally owned by TotalEnergies and AGEL, with a 1,050 MW portfolio. This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW); under development assets (250 MW) with a blend of both solar & wind power.
Thanks to this new transaction, TotalEnergies will reinforce its strategic alliance with AGEL and support the company in becoming the Indian leader of renewable energy, with a target of 45 GW renewable power capacity by 2030.
Adani Group Chairman, Gautam Adani, commented; “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.”
TotalEnergies’ Chairman and CEO, Patrick Pouyanné, commented; “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. After our first joint-venture AGEL23 in 2020 and our acquisition of shares in AGEL in 2021, this new joint-venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of AGEL in becoming the Indian leader of renewable energy.”
The completion of the transaction shall be upon satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.
Adani Green Energy Limited (AGEL) is the renewable energy platform of Adani Portfolio. It has one of the world’s largest renewable portfolios, with locked-in growth of 20.4 GW across operational, under-construction, awarded and acquired assets, catering to investment-grade counter-parties.
