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AGEL and TotalEnergies form strategic JV to propel India’s renewable energy leadership

December 28, 2023 2:13 pm

AGEL and TotalEnergies form strategic JV to propel India’s renewable energy leadership
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Equally owned venture targets 45 GW capacity by 2030, blending solar and wind power.

Adani Green Energy Limited (AGEL) and TotalEnergies have formally entered into a binding agreement to establish a new joint venture (JV). The JV will be equally owned by TotalEnergies and AGEL, encompassing a substantial 1,050 MW portfolio. This portfolio will consist of a diverse mix of assets, including those already operational (300 MW), currently under construction (500 MW), and in the developmental phase (250 MW), incorporating both solar and wind power sources. AGEL will contribute its existing assets to the JV, while TotalEnergies will make a significant equity investment of $300 million, providing crucial financial support for ongoing and future developments.

This strategic partnership marks a pivotal moment, as TotalEnergies aims to fortify its alliance with AGEL and actively contribute to the realisation of AGEL’s ambitious goal of becoming the leading player in India’s renewable energy landscape. The envisioned target is an impressive 45 GW of renewable power capacity by 2030. Through this collaborative effort, TotalEnergies is not only reinforcing its commitment to sustainable energy but also facilitating AGEL’s trajectory toward achieving industry leadership in the rapidly growing Indian renewable energy sector. The infusion of capital and the pooling of operational, under construction, and developmental assets underscore the shared commitment of both entities to catalyse the transition toward cleaner and more sustainable energy solutions in India.

Adani Group Chairman, Gautam Adani, commented; “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 decarbonisation. This will help deliver our vision to have 45 GW renewable energy capacity by 2030.”

TotalEnergies’ Chairman and CEO, Patrick Pouyanné, commented; “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.”

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