TotalEnergies to invest US$300 mln in a new renewable JV in India

TotalEnergies and Adani Green Energy Limited (AGEL) have entered into an agreement to create a new JV, equally owned by TotalEnergies and AGEL, with a 1,050 MWac  portfolio.

This portfolio will comprise of a mix of already operational (300 MWac), under construction (500 MWac) & under development assets (250 MWac) with a blend of both solar & wind power. AGEL will contribute to the JV the assets and TotalEnergies will  investment of US$300 million which will further support their development.

Thanks to this new transaction, TotalEnergies will reinforce its strategic alliance with AGEL and support the company in becoming the Indian leader of renewable energy, with a target of 45 GW renewable power capacity by 2030.

TotalEnergies’ Chairman and CEO, Patrick Pouyanné, commented: “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. 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.”

Adani Group Chairman, Mr. Gautam Adani, added: “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 decarbonisation. This will help deliver our vision to have 45 GW renewable energy capacity by 2030.”

The completion of the deal is based on customary closing conditions including the receipt of certain regulatory approvals.