Adani Renewable Energy Middle East Ltd (AGEL UAE), a wholly-owned subsidiary of Adani Green Energy, has entered into a joint venture agreement with Minerva Holding RSC Ltd for the establishment of Minerva Renewables Holding RSC Limited. The agreement was signed on 8 April 2026.
The joint venture aims to develop, construct, and operate renewable energy projects in India. EPointZero Holding RSC Ltd, the energy and infrastructure arm of International Holding Company PJSC, which is the largest listed company in the UAE with a market capitalisation exceeding US$ 230 billion, is involved in this venture through Minerva, its wholly-owned subsidiary.
Under the terms of the agreement, AGEL UAE will invest in the joint venture company for up to a 20% interest. The joint venture will see both AGEL UAE and Minerva holding shares in the new entity. Minerva will have the right to appoint up to four directors, while Adani Green Energy will appoint one director to the board of the joint venture company.
The board of the joint venture company will be responsible for supervising and strategising the operations of the company and its subsidiaries. The agreement specifies that Minerva is not related to the promoter or promoter group of Adani Green Energy, and the transaction does not fall under related party transactions.
No shares will be issued to the parties as part of this agreement, and there are no related party transactions involved. The agreement also does not involve any changes in the capital structure of the involved entities.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).