The Business Bytes
TBB BUREAU
AHMEDABAD, SEPT 20, 2023
Adani Green Energy Limited (AGEL) and French oil giant TotalEnergies on Wednesday said they have entered into a binding agreement to create a new joint venture (JV), equally owned by TotalEnergies and AGEL, with a 1050 MW portfolio.
This portfolio will comprise a mix of already operational (300 MW), under construction (500 MW) and under development assets (250 MW) with a blend of both solar and wind power. AGEL will contribute to the JV the assets and TotalEnergies an equity investment of 300 MUS$ which will further support their development.
TotalEnergies will reinforce its strategic alliance with AGEL and support the company in becoming the Indian leader of renewable energy, with a target of 45 GW renewable power capacity by 2030.
“The investment will further strengthen the pivotal role played by AGEL in India’s glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030,” said Gautam Adani, Chaiman, Adani Group.
“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,” said TotalEnergies’ Chairman and CEO Patrick Pouyanné.
