TotalEnergies to invest $300m into a new JV with Adani Green Energy

• TotalEnergies will invest $300 million into a JV with Adani Green Energy.
• The JV will hold a portfolio of 1,050 megawatts across solar and wind power projects.
• The transaction will be completed on closing conditions like the receipt of certain regulatory approvals.
  

Adani Green Energy (AGEL) and TotalEnergies have entered into a binding agreement to create a new JV, equally owned by TotalEnergies and AGEL. TotalEnergies, which is a strategic partner of Adani Green Energy, will invest $300 million into the joint venture which will hold a portfolio of 1,050 megawatts.

This portfolio will comprise a mix of already operational capacity to the tune of 300 megawatts. It will also include 500 megawatts under construction and 250 megawatts which is under development — with a blend of solar and wind power.

The funds that TotalEnergies will plough into the joint venture will further support the development of the projects.

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

With this transaction, TotalEnergies will reinforce its strategic alliance with AGEL and support the company’s target to set-up 45 gigawatts of renewable power capacity by 2030.

“TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market,” said Patrick Pouyanné, chairman of TotalEnergies.

Total Energies has been partnering with Adani Green Energy for years. They formed their first joint-venture AGEL23 in 2020. Later, it acquired 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 Pouyanné.

The completion of the transaction shall be upon satisfaction of customary closing conditions including the receipt of certain regulatory approvals.