Adani Green Energy Limited (AGEL) and TotalEnergies have entered into a binding agreement to create a new joint venture, equally owned by TotalEnergies and AGEL, with a 1,050 megawatt (mw) portfolio. This portfolio will comprise a mix of already operational (300 mw), under construction (500 mw) and under development assets (250 mw) with a blend of both solar and wind power, the Adani Group company said in a statement.
AGEL will contribute to the JV the assets and TotalEnergies an equity investment of $300 million, 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 45 gw (gigawatt) renewable power capacity by 2030," AGEL said in the statement.
"We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India's glide path to decarbonization. This will help deliver our vision to have 45 gw renewable energy capacity by 2030," Adani Group Chairman Gautam Adani said.
TotalEnergies' Chairman and CEO Patrick Pouyanne 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," Mr Pouyanne said.
AGEL is the renewable energy platform of the Adani portfolio. The company has one of the world's largest renewable portfolios, with locked-in growth of 20.4 gw across operational, under-construction, awarded and acquired assets, catering to investment-grade counterparties.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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