Joint Venture3 Sept 2024, 02:50 pm
Adani Green and TotalEnergies Announce Strategic JV for 1,150 MW Solar Projects in India
AI Summary
Adani Green Energy Limited (AGEL) and TotalEnergies have formed a 50-50 joint venture to manage a portfolio of 1,150 MW solar projects located at the world’s largest renewable energy plant in Khavda, Gujarat. AGEL will contribute its current assets to the new JV, while TotalEnergies will inject USD 444 million to accelerate the development of these projects. The electricity generated will be sold through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI), and through sales on the wholesale market. The joint venture is subject to customary closing conditions including regulatory approvals.
Key Highlights
- Adani Green Energy Limited (AGEL) and TotalEnergies form a strategic joint venture for managing a portfolio of 1,150 MW solar projects in India.
- The projects are located at the world’s largest renewable energy plant in Khavda, Gujarat, covering an area five times larger than Paris.
- TotalEnergies plans to inject USD 444 million to accelerate the development of these projects.
- The electricity generated will be sold through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI), and through sales on the wholesale market.
- The joint venture is subject to customary closing conditions including regulatory approvals.