TotalEnergies and Adani Green Announce $444M Solar JV in India’s Growing Clean Energy Sector

TotalEnergies has entered into a new joint venture (JV) with Adani Green Energy Limited (AGEL), one of India’s leading renewable energy developers. This collaboration aims to support India’s ambitious goals to expand its renewable energy capacity as the country targets reaching 500 GW by 2030.

Under the agreement, TotalEnergies will invest $444 million in equity into the JV, which will encompass a substantial 1,150 MWac (1,575 MWp) solar portfolio located in Khavda, Gujarat. This area is notably under development to become the world’s largest renewable energy site, with expectations to eventually host up to 30GW of combined wind and solar energy.

The JV will generate electricity that will be sold through Power Purchase Agreements (PPAs) with a federal government entity, as well as on the wholesale market, leveraging the liberalizing Indian electricity market to distribute clean energy across the region.

This venture is the latest development in a growing partnership between TotalEnergies and Adani Green, which includes previous collaborations such as TotalEnergies acquiring a 20% stake in AGEL in 2021, and establishing other JVs aimed at developing solar and wind projects in India. In 2022, TotalEnergies further expanded its stake in the Adani portfolio by acquiring a 25% share in Adani New Industries Ltd (ANIL), which focuses on green hydrogen initiatives.

This new JV not only signifies TotalEnergies’ commitment to enhancing its renewable energy footprint in India but also aligns with India’s broader climate commitments made in 2022, including reducing emissions intensity by 45% and transitioning to approximately 50% electric power from non-fossil sources by 2030.