Adani Green Energy, TotalEnergies announce 1.05GW renewable energy JV
Adani Green Energy Limited (AGEL) and TotalEnergies have inked a binding agreement for a new 50-50 joint venture, featuring a robust 1,050 MW portfolio. This massive energy portfolio includes a combination of operational assets (300 MW), assets under construction (500 MW), and assets under development (250 MW). Notably, it will incorporate both solar and wind energy elements. TotalEnergies will make an equity investment of $300 million, fortifying AGEL’s path to becoming India’s renewable energy leader with a 2030 goal of 45 GW capacity.
TotalEnergies Amplifies Investment to Propel AGEL’s Growth
This transaction bolsters TotalEnergies’ strategic partnership with AGEL. The joint venture is a significant move that directly aids AGEL’s ambition to dominate India’s burgeoning renewable energy market. TotalEnergies’ $300 million equity investment is designed to further empower AGEL’s development, aligning it with the goal of achieving a staggering 45 GW renewable energy capacity by the end of this decade.
Leaders Comment on Strengthening Renewable Energy Commitment
Adani Group Chairman, Gautam Adani, expressed his delight at extending the long-term partnership with TotalEnergies. “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,” he said. TotalEnergies’ Chairman and CEO, Patrick Pouyanné, emphasized how the new joint venture would help fast-track their development in India’s promising renewable energy sector.
Transaction to Close After Regulatory Approvals
The formal completion of this mammoth transaction is slated to occur upon fulfilling customary closing conditions, which include the acquisition of essential regulatory approvals.