Adani Green Energy Limited (AGEL) has announced the completion of a joint venture with TotalEnergies.lstruction, and 250 MW under-development assets.
The joint venture, first announced in September 2023, coincides with India’s ongoing increase in investments in renewable energy. This is in response to the government’s 2022 climate pledges, which included a 45% reduction in emissions intensity and a move toward approximately 50% non-fossil fuel electric power.
It must be noted that the new JV forms the latest in a series of partnerships and transactions between AGEL and TotalEnergies. A timeframe of some of the earlier partnerships:
- 2022:. TotalEnergies announced the acquisition of a 25% stake in AGEL parent Adani’s green hydrogen-focused business Adani New Industries Ltd (ANIL)
- 2021: TotalEnergies acquired 20% stake in AGEL
- 2020: Established initial joint venture for the operation of 3 GW of solar power
Patrick Pouyanné, CEO and Chair, TotalEnergies, said, “TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, an exciting market by its size and growth and the early development of a merchant market. 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.”