TotalEnergies and Adani Green Energy Limited (AGEL) have entered into an agreement to create a joint venture to deliver a 1150MW solar pipeline in India.
The company will be equally owned by TotalEnergies and AGEL, and will have a portfolio of projects located in Khavda, in Gujarat.
AGEL will contribute the assets to the joint venture and TotalEnergies will invest $444m to support their development.
The power generated by the solar projects will be sold through power purchase agreements (PPAs) signed with the federal government agency, Solar Energy Corporation of India (SECI), as well as through sales on the wholesale electricity market.
AGEL operates more than 11GW of solar and wind capacity in India.
The execution and completion of the transaction is subject to AGEL shareholders and customary closing conditions, including the receipt of certain regulatory approvals.
AGEL (19.75% owned by TotalEnergies) is developing the world’s largest renewable energy site in the Khavda region of Gujarat.
Covering more than 538 square kilometres, or five times the size of Paris, this site will represent 30GW of solar capacity, 2GW of which have already been commissioned by AGEL.