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Adani Green Energy Ltd (AGEL) [ADANIGR:IN], a subsidiary of Indian conglomerate Adani Group [ADE:IN], announced the completion of a renewable joint venture (JV) with French energy giant TotalEnergies [TTE:FP], as reported by ESG Today on January 2. As part of the deal, TotalEnergies has invested USD300m in the JV to acquire a 50% stake in the JV’s renewable portfolio of more than 1 gigawatt (GW) of solar and wind projects in India. TotalEnergies CEO and Chair, Patrick Pouyanné, said the new JV will accelerate its development in the Indian renewable power market. Notably, TotalEnergies already holds approximately a 20% share of AGEL.
The new JV further extends the collaborative relationship between the Adani Group and the French oil producer. In 2020, TotalEnergies and AGEL launched a JV aimed at operating 3 GW of solar power, with an initial contribution of 2.1 GW of solar power assets from AGEL. In 2022, TotalEnergies also acquired a 25% stake in Adani New Industries, a green hydrogen-focused subsidiary of Adani Group. The investments made by TotalEnergies will help advance AGEL’s objective of having 45 GW of renewable energy capacity by 2030 and support the company in becoming a leader in the Indian renewable energy industry. India has set an ambitious target to achieve 500 GW of electricity generation capacity from renewable sources before 2030, a significant leap from around 180 GW as of November 2023.
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