TotalEnergies and Adani Green Energy Limited (AGEL) have agreed to establish a new joint venture, equally owned by both companies, to develop a 1,150 MWac (1,575 MWp) solar portfolio in Khavda, Gujarat.
The solar projects will sell electricity through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and via the wholesale market. This move enables TotalEnergies to leverage the ongoing liberalization of India’s electricity market.
This joint venture will strengthen TotalEnergies’ strategic partnership with AGEL, supporting AGEL’s goal of becoming a global leader in renewable energy with a target of 50 GW of renewable capacity by 2030. AGEL currently operates over 11 GW of solar and wind capacity in India.
AGEL will contribute assets to the joint venture, while TotalEnergies will invest $444 million in equity to support the projects’ development. The transaction’s completion is subject to AGEL shareholder approval and other regulatory approvals.
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