TotalEnergies and Adani Green Energy Limited (AGEL) have signed an agreement to establish a 1,050 MWac (1,400 MWp) joint venture, equally owned by both entities. This portfolio includes operational (300 MWac), under-construction (500 MWac), and under-development assets (250 MWac), consisting of both solar and wind power. AGEL will contribute its assets, while TotalEnergies will inject a $300 million equity investment to bolster its development.
This transaction cements TotalEnergies’ strategic partnership with AGEL and furthers its goal to propel AGEL as the leading player in Indian renewable energy, targeting 45 GW of renewable power capacity by 2030. The transaction will conclude once the standard closing conditions, which include obtaining specific regulatory approvals, are met.
TotalEnergies’ Chairman and CEO, Mr. Patrick Pouyanné, commented, “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.”
Adani Group Chairman, Mr. Gautam Adani, added, “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.”