Adani Green Energy Limited (AGEL), India’s one of largest renewable energy companies, and TotalEnergies, have announced a strategic joint venture (JV), equally owned by both entities, aimed at managing a portfolio of solar projects totaling 1,150 MW.
The projects are located at the world’s largest renewable energy plant in Khavda, Gujarat. AGEL will contribute its current assets to the new JV, while TotalEnergies plans to inject $444 million to accelerate the development of these projects. The Definitive Agreements will be entered into between the Company, TotalEnergies and Adani Renewable Energy Sixty Four Limited, the company said.
This investment underscores AGEL and TotalEnergies commitment to bolstering collaboration, aligning with their shared objective of expediting India’s transition to clean energy. It is a testament of AGEL’s proven capabilities in delivering green energy at unprecedented speed and scale. The electricity generated from the 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI), and through sales on the wholesale market.
AGEL is developing the world’s largest renewable energy plant on barren wasteland at Khavda, Gujarat covering an area five times larger than Paris at 538 square kilometers. AGEL has already operationalised cumulative capacity of 2,250 MW solar and wind energy at the site. Once completed, the plant will supply affordable clean energy to over 16 million homes in India, generate over 15,200 green jobs and avoid about 58 million tons of CO 2 emissions annually.
The signing and completion of the transaction is subject to customary closing conditions including regulatory approvals.
AGEL currently has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW by 2030 aligned to India’s decarbonisation goals.
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