TotalEnergies and Adani Green Energy Limited (AGEL) have agreed to form a new joint venture (JV) focused on solar deployment in India. The JV will develop a solar portfolio in Khavda, in the state of Gujarat, with a capacity of 1,150 MW (1,575 MWp). The partnership will be equally owned by both companies. TotalEnergies has provided an equity investment of $444 million for the venture, while AGEL is contributing assets to the JV.
Furthermore, PPAs will be signed with Solar Energy Corporation of India (SECI) and the electricity generated from the JV will be sold through them. Energy generated will also be sold on the wholesale market. The transaction will be completed on the receipt of required approvals including those from AGEL’s shareholders.
AGEL is 19.75 per cent owned by TotalEnergies, and is developing one of the world’s largest renewable energy project in Gujarat in the Khavda region. This large project spans over 538 km² and aims to have an installed solar and wind capacity of 30 GW. 2 GW has already been commissioned by AGEL.
REGlobal’s Views: AGEL has a 10 GW+ operational renewable energy portfolio and aims to achieve 50 GW of deployments by 2030. Much of AGEL’s renewable energy installations have occurred in less than a decade and the company is simultaneously investing in solar manufacturing for secure supply chains. This deal with TotalEnergies will help AGEL with the required financial support for its ambitious expansion plans.
