Adani Green Energy (AGEL) announced the completion of a significant joint venture with TotalEnergies, encompassing a 1,150 MWac solar project portfolio. TotalEnergies has invested USD 444 million for a 50% stake in AGEL’s subsidiary, Adani Renewable Energy Sixty Four Limited (ARE64L), which owns the solar projects at the Khavda renewable energy plant in Gujarat. This plant is the largest renewable energy facility in the world.
The partnership establishes equal ownership of ARE64L between AGEL and TotalEnergies, combining both operational and under-development solar assets. This mix includes both merchant-based and SECI PPA (Power Purchase Agreement) projects. The deal terms are favorable to AGEL and ensure long-term collaboration between the companies for the growth of the renewable energy sector.
Upon completion of the under-development solar projects, TotalEnergies is expected to make additional investments based on the project’s cost and timelines. This funding will be beyond the initial USD 444 million investment and subject to required approvals.
This strategic move reflects AGEL’s commitment to renewable energy and aligns with TotalEnergies’ focus on sustainable power solutions globally, marking a milestone for renewable energy expansion in India.
