Adani Green and TotalEnergies Expand Partnership With $300 Million Investment In Joint Venture

Representational image. Credit: Canva

Adani Green Energy Limited (AGEL) and TotalEnergies are set to deepen their collaboration with the creation of a new joint venture, fueled by a significant equity investment of $300 million by TotalEnergies. This move marks a significant step toward bolstering renewable energy infrastructure in India and advancing both companies’ ambitions in the sector.


The newly established joint venture will be jointly owned by TotalEnergies and AGEL, with each party holding an equal stake. It will boast a substantial portfolio with a total capacity of 1,050 MW, comprising a well-rounded mix of renewable energy assets. This diversified portfolio will consist of 300 MW of already operational assets, 500 MW currently under construction, and an additional 250 MW in various stages of development. Furthermore, the assets will encompass both solar and wind power projects, highlighting the commitment to harnessing diverse renewable energy sources.


AGEL will contribute its existing assets to the joint venture, leveraging its extensive experience and capabilities in the Indian renewable energy market. On the other hand, TotalEnergies’ substantial equity investment will catalyze the development and expansion of these assets, strengthening their position in India’s burgeoning renewable energy landscape.

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This strategic partnership aligns with TotalEnergies’ goal of solidifying its presence in the Indian renewable power market, recognizing it as a compelling market characterized by significant growth potential and the early emergence of a merchant market.

Importantly, this collaboration will play a pivotal role in realizing AGEL’s ambitious target of achieving a remarkable 45 GW of renewable power capacity by the year 2030. This target is a testament to their commitment to India’s clean energy transition and the pivotal role they aspire to play in decarbonizing the country’s energy sector.

Gautam Adani, Chairman of the Adani Group, expressed his enthusiasm for extending their partnership with TotalEnergies, emphasizing the profound impact this investment will have on AGEL’s role in India’s journey toward decarbonization. He noted that this venture will significantly contribute to AGEL’s vision of achieving 45 GW of renewable energy capacity by 2030, a milestone that will significantly advance India’s sustainability goals.

TotalEnergies’ Chairman and CEO, Patrick Pouyanné, echoed this sentiment, emphasizing their active development in the Indian renewable power market through AGEL. He highlighted previous collaborations, including the AGEL23 joint venture in 2020 and the acquisition of AGEL shares in 2021, as building blocks for this new joint venture. Pouyanné emphasized that this strategic alliance would accelerate their development by providing direct access to a substantial portfolio of renewable energy assets.

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The completion of this transaction is contingent upon meeting customary closing conditions, including obtaining the necessary regulatory approvals. Once finalized, this partnership is poised to make a significant contribution to India’s renewable energy landscape, facilitating the transition to a greener and more sustainable energy future. It also underscores the growing commitment of global energy leaders to invest in India’s renewable energy sector, recognizing its vast potential and importance in combating climate change.

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