NEW DELHI: France’s TotalEnergies will invest $300 million in a new venture with Adani Green Energy Limited (AGEL), a renewable energy platform of Adani Group. AGEL, in an exchange filing, has announced it has entered a binding agreement with TotalEnergies to create a joint venture, equally owned by both companies, with a 1,050 MW portfolio.
This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW), and underdevelopment assets (250 MW), with a blend of solar and wind power. As per the company, AGEL will contribute its assets to the joint venture, and TotalEnergies will provide an equity investment of $300 million to support their development.
“We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will strengthen the 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,” said Gautam Adani, Adani Group Chairman.
TotalEnergies will reinforce its strategic alliance with AGEL and support the company in becoming a leader in renewable energy, with a target of 45 GW of renewable power capacity by 2030. Completion of the transaction will be upon satisfaction of customary closing conditions including the receipt of certain regulatory approvals.
“After our first joint venture AGEL23 in 2020 and acquisition of shares in AGEL in 2021, this JV will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of AGEL to become a leader in renewable energy,” said Patrick Pouyanné, TotalEnergies’ Chairman and CEO.