TotalEnergies to invest $300 mn in JV with Adani group firm

New Delhi, (UNI) Adani Green Energy Ltd (AGEL) on Wednesday said that it has entered into a binding agreement with TotalEnergies to create a new joint venture (JV) with a 1,050 MW portfolio.

The company said that the portfolio will comprise a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar & wind power.

AGEL will contribute to the JV the assets and TotalEnergies an equity investment of $300 million which will further support their development.

Commenting on the tie-up, Adani Group Chairman Gautam Adani said, “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.”

TotalEnergies’ Chairman and CEO, Patrick Pouyanné commented that the company has been actively developing its presence in the Indian renewable power 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,” he said in an official release.

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