Adani Green Energy and TotalEnergies Form Joint Venture for 1,150 MW Solar Projects

Adani Green Energy Limited and TotalEnergies announce a joint venture to manage 1,150 MW solar projects in Gujarat. The investment marks a significant step towards India's clean energy transition and includes a $444 million investment from TotalEnergies. The projects aim to supply affordable energy to millions of homes.

Adani Green Energy Limited (AGEL) and TotalEnergies have unveiled the creation of an equally-owned joint venture (JV) to manage a 1,150 MW portfolio of solar projects. These initiatives are part of the world's largest renewable energy plant in Khavda, Gujarat, AGEL disclosed.

AGEL will integrate its current assets into the JV, while TotalEnergies commits $444 million to expedite the project's development. Emphasizing their collaborative commitment to India's clean energy transition, the electricity from these solar projects will be distributed via Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and through the wholesale market.

Currently, AGEL has 2,250 MW of operational solar and wind energy capacity at the Khavda site. The monumental plant, upon completion, is set to provide affordable clean energy to over 16 million homes, create upwards of 15,200 green jobs, and reduce CO2 emissions by approximately 58 million tons annually. Transaction finalization is pending conventional closing conditions, including regulatory approvals.

AGEL, a leading renewable energy company in India with a 20,434 MW project portfolio, boasts 54 operational projects and 12 under construction, emphasizing its adherence to the 'Growth with Goodness' philosophy. The clean energy generated predominantly benefits central and state governments, as well as government-backed corporations.

(With inputs from agencies.)