TotalEnergies and Adani Green Energy Limited announced on Wednesday that they had entered into a binding agreement to establish a new, equally owned joint venture with a 1,050 MWac portfolio.
The latter will consist of a mix of 300 MWac already operational, 500 MWac under construction and 250 MWac under development assets.
Under the agreement, Adani Green Energy will provide the assets, while TotalEnergies will ensure an equity investment of $300 million.
“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,” Patrick Pouyanné, TotalEnergies’ Chairman and Chief Executive Officer, said in a press release.
“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, said.
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