TotalEnergies, Adani Green form 50:50 JV

Mumbai: Adani Green Energy Limited (AGEL) and TotalEnergies have entered into a binding agreement to create a new 50:50 joint venture with over 1 GW of renewable energy portfolio, as per a press statement released Wednesday.

TotalEnergies will make a $300 million equity investment into the venture while Adani Green will bring the assets to the table. The portfolio will comprise a mix of 300 MW of operational, 500 MW of under construction and 250 MW of planned assets with a blend of both solar and wind power.

ET was the first to report this on Wednesday.


The completion of the transaction will be liable upon satisfaction of deal covenants including the receipt of certain regulatory approvals, the company said.

"We are delighted to extend our long-term partnership with TotalEnergies in AGEL," said Gautam Adani, chairman of the Adani Group. "The investment will further strengthen the pivotal role played by AGEL in India's glide path to decarbonisation. This will help deliver our vision to have 45 GW renewable energy capacity by 2030," he said.

TotalEnergies' chairman Patrick Pouyanne said that the company has been actively developing its presence in the Indian renewable power market, which he called "very interesting."

"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," Pouyanne said.

TotalEnergies has a 19.75% stake in Adani Green Energy. The promoters hold about 56.27% in the company. India-listed Adani Total Gas is another joint venture of TotalEnergies and Adani Group.