TotalEnergies and Adani Green Energy Limited (AGEL) have entered into a binding agreement to create a 50-50 joint venture, with a 1050MWac portfolio in India.
This business will comprise of a mix of already operational (300MWac), under construction (500MWac) and under development assets (250MWac) with a blend of solar and wind power.
AGEL will contribute to the JV the assets and TotalEnergies an equity investment of $300m, 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 45GW renewable power capacity by 2030.
TotalEnergies chairman and chief executive Patrick Pouyanné, said: “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.”
The completion of the transaction depends on satisfaction of customary closing conditions including the receipt of certain regulatory approvals.