Business

Adani Green & TotalEnergies Forge $444 Million Solar Joint Venture

Adani Green Energy Limited (AGEL), India’s leading renewable energy provider, has entered into a landmark joint venture with global energy giant TotalEnergies.

This strategic alliance, equally divided between the two companies, focuses on a substantial portfolio of solar projects totaling 1,150 MW, all situated at the world’s largest renewable energy complex in Khavda, Gujarat.

Under the terms of the partnership, AGEL will contribute its existing assets to the new entity, while TotalEnergies will invest USD 444 million to accelerate the development of these projects.

This venture reflects both companies’ commitment to advancing India’s clean energy transition, showcasing AGEL’s ability to deliver large-scale green energy solutions swiftly and effectively.

The solar power generated from this 1,150 MW portfolio will sold under Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and through the wholesale market.

The projects are likely to be a key component in powering the world’s largest renewable energy plant, which spans 538 square kilometers, an area five times the size of Paris.

AGEL has already established a cumulative operational capacity of 2,250 MW in solar and wind energy at Khavda.

Once fully developed, this facility will provide clean, affordable energy to over 16 million homes across India, create more than 15,200 green jobs, and prevent about 58 million tons of CO2 emissions each year.

The joint venture’s formation and its subsequent operationalization are contingent upon standard closing conditions, including regulatory approvals.

Adani Green Energy Limited

Adani Green Energy Limited (AGEL) stands as India’s foremost renewable energy company, with a portfolio spanning 11.2 GW across 12 states.

AGEL focuses on developing, owning, and operating large-scale solar, wind, hybrid, and hydro pumped storage power plants. With a target of 50 GW by 2030, AGEL is committed to reducing the Levelized Cost of Energy (LCOE) and promoting widespread adoption of affordable clean energy.

The company’s portfolio boasts recognition for being ‘water positive for plants of more than 200 MW capacity,’ ‘single-use plastic free,’ and ‘zero waste-to-landfill.’