Khavda: Adani Green Signs JV Pact With TotalEnergies

Khavda: Adani Green Signs JV Pact With TotalEnergies

Indian renewable project developer Adani Green has now signed a Joint Venture (JV) agreement with Singapore-based energy company TotalEnergies to boost the growth of renewable energy projects at Khavda in Gujarat. The JV had been announced earlier this month.

“In continuation of the Company’s earlier submission dated September 02, 2024 and subsequent to approval of the majority of the members of the Company in their extra-ordinary general meeting held on September 25, 2024, we would like to inform that the Company has signed a Joint Venture Agreement with TotalEnergies Renewables Singapore Pte Limited (“TotalEnergies”) and Adani Renewable Energy Sixty Four Limited (“ARE64L”)…” the company said in its filing.

“Further to the execution of the Joint Venture Agreement, the Company and TotalEnergies owns a 50:50 stake in ARE64L. ARE64L in-turn houses a 1,150 MWac project portfolio. TotalEnergies has acquired a 50% stake in ARE64L for an amount of USD 444 Million,” it added.
Both firms hold equal stakes in the business, ensuring both have an equal say in decision-making. The amount of money injected by TotalEnergies highlights the growing interest in renewable energy as a viable and profitable business.

Khavda renewable energy park in the Rann of Kutch is one of the most ambitious clean energy project of India. The Adani Group has now bet high for this region with their planned investment to add 30 GW of renewable power from this project. The group is now working on solar, wind and hybrid projects in the region. The port to airport conglomerate has also tried its biggest wind turbines of 5.2 MW in the region to boost the growth of renewable energy on large scale from this region of Gujarat.

Total Energies has been a long standing partner of Adani Green through a somewhat similar arrangement earlier, and now this one. The form is also a strategic partner in Adani Total Gas.