Adani Green Energy has announced that its board has approved the formation of a new joint venture with TotalEnergies. This strategic move will see TotalEnergies invest $444 million into the joint venture, marking a significant step forward in expanding renewable energy capacity in India. The partnership comes on the heels of a previous $300 million deal between Adani Green and TotalEnergies aimed at building renewable energy infrastructure in the country.
The new joint venture will be equally owned by Adani Green and TotalEnergies, with each company holding a 50% stake. This collaboration will focus on managing a diverse portfolio of 1,150 megawatts of electricity, which will include both operational solar assets and those still under development. This initiative underscores a significant commitment to scaling up renewable energy capacity in India, where coal remains the predominant source of energy.
While the financial commitments from Adani Green for this joint venture have not been disclosed, the formation of the new entity represents a major advancement in the company’s efforts to enhance its renewable energy footprint. TotalEnergies, which already holds a nearly 20% stake in Adani Green through its affiliates, will partner through TotalEnergies Renewables Singapore and Adani Renewable Energy Sixty Four in this venture.
This joint venture is expected to play a crucial role in accelerating the shift towards renewable energy in India, contributing to the country’s energy diversification goals and reducing reliance on fossil fuels.
