TotalEnergies Invests $300 Million in India Renewables Market with new Adani Green Energy Joint Venture
India-based renewable energy developer and operator Adani Green Energy Limited (AGEL) announced the completion of a joint venture with French energy giant TotalEnergies, including a $300 million investment by TotalEnergies for a 50% stake in a portfolio of more than 1 GW of solar and wind projects.
Initially announced in September 2023, the new JV comes as India continues to scale up its investments in renewable energy, following a series of 2030 climate commitments set by the government in 2022, including a pledge to reduce emissions intensity by 45% and to transition to approximately 50% electric power from non-fossil-based sources.
The new JV houses a portfolio of 1,050 MW of solar and wind power projects in India, including 300 MW already in operation and 500 MW under construction, as well as 250 MW of under-development assets.
The launch of the JV forms the latest in a series of partnerships and transactions between the companies, including the acquisition by TotalEnergies of a 20% stake in AGEL in 2021, and an initial joint venture established in 2020 for the operation of 3 GW of solar power. TotalEnergies also announced the acquisition of a 25% stake in AGEL parent Adani’s green hydrogen-focused business Adani New Industries Ltd (ANIL) in 2022.
At the time of the announcement of the formation of the new JV, TotalEnergies CEO and Chair 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.”