Adani Green Energy Ltd (AGEL) and French energy company TotalEnergies have entered into a binding agreement to create a new 50:50 joint venture with a 1,050 MW portfolio of solar and wind power generation assets.
This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW), and under development assets (250 MW).
AGEL will contribute to the JV the assets and TotalEnergies an equity investment of $300 million to further support their development.
“[This new transaction] will reinforce TotalEnergies’ strategic alliance with AGEL and support the company in becoming the Indian leader of renewable energy, with a target of 45 GW renewable power capacity by 2030,” stated AGEL.
TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power 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,” said TotalEnergies chairman and CEO, Patrick Pouyanné.
Adani Green Energy has one of the world’s largest renewable power generation portfolios, with locked-in growth of 20.4 GW across operational, under-construction, awarded, and acquired assets. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects.
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