TotalEnergies and Adani Green Energy Limited (AGEL) have formed 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 power generated will be sold through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and via the wholesale market, allowing TotalEnergies to benefit from India’s liberalizing electricity market.
This partnership strengthens TotalEnergies’ alliance with AGEL, supporting AGEL’s goal of becoming a global renewable energy leader with a target of 50 GW of capacity by 2030. AGEL currently operates over 11 GW of solar and wind capacity across India.
AGEL will contribute assets to the joint venture, while TotalEnergies will invest $444 million in equity to drive development. The transaction is subject to AGEL shareholder approval and customary regulatory conditions.
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