Adani Green Energy Limited (AGEL) and TotalEnergies have unveiled a joint venture of equal ownership to oversee a portfolio of solar projects totaling 1,150 MW.
These projects are situated within the world’s largest renewable energy plant in Khavda, Gujarat.
According to Adani Renewables, these projects are part of the world’s largest renewable energy plant located in Khavda, Gujarat. AGEL will contribute its existing assets to the JV, while TotalEnergies will invest USD 444 million to accelerate the development of these projects.
This investment highlights AGEL and TotalEnergies’ commitment to strengthening their collaboration and supporting India’s transition to clean energy. It also demonstrates AGEL’s proven ability to deliver green energy rapidly and at scale.
Both the companies had said last year that they would join forces in a deal then announced at $300 million, which would give Total direct access to ownership of assets contributed by Adani Green – namely 1.05 gigawatts (GW) of wind and solar farms in India, where the bulk of energy requirements are still met by coal.
This final agreement, into which Total pays significantly more money, will see both sides hold 50% of a portfolio of 1.15 GW of solar electricity installations, both operational and under construction, Adani Green said in a statement.
The electricity generated from these 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and on the wholesale market.
Notably, AGEL has already operationalized 2,250 MW of solar and wind energy capacity at the site. Once completed, the plant will provide affordable clean energy to over 16 million homes in India, create more than 15,200 green jobs, and avoid approximately 58 million tons of CO2 emissions annually.