Adani Green Energy Limited has taken a new step to expand its presence in India’s renewable energy sector through an international partnership. On April 8, 2026, its wholly-owned subsidiary, Adani Renewable Energy Middle East Ltd, signed a Joint Venture Agreement with Minerva Holding RSC Ltd to form a new company named Minerva Renewables Holding RSC Limited.
This partnership brings together AGEL, known as one of India’s largest renewable energy developers, and the UAE-based EPointZero Holding RSC, which is part of the International Holding Company PJSC. The IHC Group is a major global player with a market value of over $230 billion. Minerva Holding RSC Ltd operates as a wholly-owned subsidiary of EPointZero.
The main aim of this joint venture is to develop, build, and operate renewable energy projects across India. This move reflects growing global interest in India’s clean energy market and highlights the role of foreign investment in supporting the country’s energy transition.
As per the agreement, AGEL UAE will invest in the joint venture and hold up to a 20% stake. The arrangement clearly states that there is no direct cross-shareholding between the parent entities. Neither AGEL nor its subsidiary holds shares in Minerva, and Minerva does not own shares in AGEL. Instead, both partners will have their respective stakes only in the newly formed joint venture company.
The governance structure of the joint venture has also been defined. Minerva will have the right to appoint up to four directors to the board, while AGEL will appoint one director. The board will oversee the overall strategy, operations, and future expansion plans of the company, including any subsidiaries that may be formed later.
The agreement also includes important shareholder rights. Both partners will have the first right to subscribe to new shares if the company raises additional capital in the future. There are also provisions to control any changes in the company’s capital structure, ensuring stability and mutual agreement in key decisions.
AGEL has clarified that Minerva is not related to its promoter group, and the transaction is not considered a related party deal. The company officially informed the BSE Limited and the National Stock Exchange of India Limited about the agreement on April 9, 2026, in line with regulatory requirements. The filing was signed by Company Secretary Pragnesh Darji.
This collaboration marks a significant step in attracting global capital into India’s renewable energy sector while combining local expertise with international financial strength.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
