Adani Green Announces Completing 1050MW JV With TotalEnergies

Adani Green Energy Limited (AGEL) has announced completing the 1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in the AGEL subsidiary to acquire a 50% stake in the projects. 

This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power projects in India. 

With this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and supported enabling AGEL’s target of 45 GW capacity by 2030, a statement from the firm said. 

AGEL develops, owns, and operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. With an operating renewable portfolio of 8.4 GW spread across 12 states, AGEL is currently India’s largest renewable energy developer. It has also committed to its target of achieving 45 GW of renewable energy capacity by 2030.

The French multi-energy company TotalEnergies had earlier announcement investing $300 million on Adani Green. The investment was mandated to boost the growth of solar and wind projects in India. Both had committed to harness 1,050 MW of renewable power generation with the pact.

Earlier in 2022, TotalEnergies had announced buying 25 percent of Adani Industries to boost the deployment of Green Hydrogen. “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,” CEO, TotalEnergies, Patrick Pouyanne had said then.