TotalEnergies to Invest $300 Mn in JV with Adani Group for Green Energy

Kiwa PVEL’s Scorecard: Adani Solar Maintains Top Performer Position

French multi-energy firm, TotalEnergies, will make an investment to the tune of $300 million in a 50-50 joint venture with Adani Green Energy. This initiative is towards the generation of solar and wind energy in India.  The joint venture between the two firms sets sights on 1,050 MW of power.

The investment by TotalEnergies will “further strengthen the pivotal role played by AGEL (Adani Green Energy Limited) in India’s path to decarbonization,” Adani Group Chairman Gautam Adani remarked. Adani Group aspires to generate 45 MW of renewable energy by 2030.

In 2022, TotalEnergies said it would to buy 25% of Adani New Industries for the development of green hydrogen manufacturing capabilities.

“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 said. He added that the new entity would allow TotalEnergies to accelerate market development by way of direct access to a large portfolio of assets. The joint venture would also enable Adani Green Energy to lead in renewable energy space in India, he maintained.

Recently, Adani Wind, the wind energy solutions division of Adani New Industries Limited (ANIL), announced that its 5.2 MW wind turbine generator (WTG) has been enlisted in the Revised List of Models and Manufacturers (RLMM) published by the Ministry of New and Renewable Energy (MNRE). This listing signals that the 5.2 MW WTG of Adani Wind is now commercially available and valid for use in projects in India.