TotalEnergies Invests $444 Million in New 1 GW Solar JV with Adani Green Energy in India

French energy giant TotalEnergies announced today an agreement to launch a new joint venture with a solar portfolio exceeding 1 GW with India-based renewable energy developer and operator Adani Green Energy Limited (AGEL).

The new JV comes as India continues to scale up its investments in clean energy, with the country aiming to reach 500 GW of installed renewable energy capacity by 2030. India announced a series of 2030 climate commitments in 2022, including a pledge to reduce emissions intensity by 45% and to transition to approximately 50% electric power from non-fossil-based sources.

Under the new agreement, TotalEnergies will provide an equity investment in the JV of $444 million, and Adani Green will contribute assets, consisting of a 1,150 MWac (1,575 MWp) solar portfolio in Khavda in Gujarat, India. Adani Green is currently developing the world’s largest renewable energy site in the Khavda region, covering more than 538 square kilometres, with wind and solar capacity anticipated to reach 30GW.

Electricity generated by the JV’s project portfolio will be sold through Power Purchase Agreements (PPAs) signed with a federal government agency, and through sales on the wholesale market.

The new agreement marks the latest in a series of partnerships and transactions between the companies, including the acquisition by TotalEnergies of a 20% stake in AGEL in 2021, an initial joint venture established in 2020 for the operation of 3 GW of solar power, and the recent launch of a JV with a portfolio of more than 1 GW of solar and wind projects. TotalEnergies also announced the acquisition of a 25% stake in AGEL parent Adani’s green hydrogen-focused business Adani New Industries Ltd (ANIL) in 2022.

In a statement announcing the new JV, TotalEnergies said that the transaction will allow the company “to capitalize on the ongoing liberalization of the Indian electricity market.”