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Adani Green and TotalEnergies have finalised a $444-million joint venture to develop 1,150 MWac of solar projects in Gujarat. This move strengthens their partnership and expands India's renewable energy capacity.
Adani Green Energy Ltd. (AGEL) has entered into a significant joint venture with French energy giant TotalEnergies to enhance its renewable energy portfolio in India. The $444-million investment deal, which was finalised on September 26, 2024, marks a key milestone in India’s renewable energy sector, particularly in the solar segment.
As part of the agreement, TotalEnergies has acquired a 50% stake in Adani Renewable Energy Sixty Four Ltd (ARE64L) for $444 million. ARE64L, a subsidiary of AGEL, holds a diversified portfolio of solar energy projects totalling 1,150 MWac. These projects are located at the Khavda site in Gujarat, the world’s largest renewable energy plant. With this investment, ARE64L will be equally owned by AGEL and TotalEnergies, creating a strong foundation for the continued development of solar assets.
The joint venture will manage a wide array of solar energy projects, ranging from operational facilities to under-development projects. This includes both merchant-based solar projects and those backed by power purchase agreements (PPAs) with the Solar Energy Corporation of India (SECI). The joint management of these assets will enable AGEL to improve its operational capabilities while boosting renewable energy output in the country.
The joint venture agreement was approved by AGEL’s shareholders during an extraordinary general meeting on September 25, 2024. In addition to the initial investment, TotalEnergies has signalled the potential for further financial contributions once the under-development solar projects reach commercial operation. These additional investments will be based on the project’s book value and will focus on expanding AGEL’s solar footprint.
This joint venture between Adani Green Energy Ltd. and TotalEnergies underscores the growing international collaboration in India’s renewable energy sector. With significant investments and a large solar portfolio, this partnership strengthens AGEL’s position as a leading player in the Indian solar industry. The deal also aligns with both companies' long-term strategies to expand renewable energy capacity while promoting sustainable growth.
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