Adani Green Energy Ltd (AGEL), the renewable energy division of the Adani Group, and TotalEnergies, a French oil and gas company, have officially inked a binding agreement to establish a new joint venture. This joint venture will be equally co-owned by both companies and will encompass a diverse portfolio of 1,050 MW of renewable energy assets.
As reported by FORTUNE INDIA, the portfolio will consist of a combination of already operational facilities (300 MW), those currently under construction (500 MW), and assets in the developmental stage (250 MW). It will encompass both solar and wind power projects.
AGEL will contribute its existing assets to the joint venture, while TotalEnergies will inject an equity investment of $300 million into the partnership. Gautam Adani, Chairman, Adani Group, emphasized that this investment will reinforce AGEL’s role in India’s efforts to transition towards a low-carbon future, aligning with their ambitious goal of achieving 45 GW of renewable energy capacity by 2030.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, noted that the company has been actively expanding its presence in the Indian renewable power market through AGEL. He highlighted the Indian market’s significant size, robust growth, and the early development of a competitive merchant market, making it a compelling opportunity for TotalEnergies.
