Adani Green Energy Limited (AGEL) has announced the successful completion of the 1,050 MW joint venture (JV) with TotalEnergies. This strategic partnership, established through a binding agreement announced in September 2023, involved TotalEnergies making a significant equity investment of USD 300 million in AGEL’s subsidiary, acquiring a 50% stake in the projects.
The portfolio transferred to the JV includes a diverse mix of renewable assets, comprising already operational (300 MW), under construction (500 MW), and under development (250 MW) projects. The projects encompass both solar and wind power initiatives located in various regions of India.
With this financial collaboration, TotalEnergies has not only solidified its partnership with AGEL but has also demonstrated its commitment to supporting AGEL’s ambitious target of achieving 45 GW renewable energy capacity by 2030. This joint venture is aligned with AGEL’s mission to play a pivotal role in India’s clean energy transition.
AGEL, recognized as India’s largest renewable energy solutions partner, operates utility-scale grid-connected solar, wind, and hybrid renewable power plants. Presently boasting an operational renewable portfolio of 8.4 GW spread across 12 states, AGEL has become India’s leading renewable energy developer, contributing significantly to offsetting over 41 million tonnes of CO2 emissions cumulatively.
AGEL’s commitment to sustainability is evident through its operating portfolio being certified as “water positive for plants of more than 200 MW capacity,” “single-use plastic-free,” and “zero waste-to-landfill.” The company is dedicated to leveraging technology to reduce the Levelized Cost of Energy (LCOE) and promoting the widespread adoption of affordable clean energy.
As AGEL pursues its target of 45 GW of renewable energy capacity by 2030, in line with India’s decarbonization goals, the completion of this joint venture marks a significant milestone in the company’s journey towards sustainable growth and a cleaner, greener future.
