Adani Green Energy and TotalEnergies Form Joint Venture for 1,150 MW Solar Project

Adani Green Energy partners with TotalEnergies to form a joint venture for a 1,150 MW solar project in Gujarat. The USD 444 million investment marks a major milestone in India's renewable energy journey. Read more!

In a significant move toward bolstering India’s renewable energy infrastructure, Adani Green Energy Limited (AGEL) has partnered with TotalEnergies Renewables Singapore Private Limited to form a joint venture company, Adani Renewable Energy Sixty Four Limited (ARE64L). The two companies will hold an equal 50 percent stake in this joint venture, which aims to develop a massive 1,150 MW solar energy project.

TotalEnergies Invests USD 444 Million in the Khavda Solar Park

As part of the agreement, TotalEnergies has made a substantial investment of USD 444 million to acquire a 50 percent stake in AGEL’s solar projects located in Khavda, Gujarat. TotalEnergies may also increase its investment in ARE64L based on project costs and timelines. Both AGEL and TotalEnergies will have equal representation on the company’s board, with AGEL nominating the Chairman.

The partnership underscores the growing collaboration between global energy giants and Indian renewable energy companies, as India continues its transition to clean energy. The Khavda solar park, located in Gujarat’s Kutch region, is one of India’s largest solar energy projects, and this joint venture marks a significant milestone in scaling up solar capacity in the country.

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Power Purchase Agreement with Maharashtra for 5 GW Solar Energy

In a related development, AGEL signed a Letter of Intent (LoI) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) in September 2024. The agreement involves a long-term Power Purchase Agreement (PPA) in which AGEL will supply 5 GW of solar energy from the Khavda solar park to Maharashtra. This is a key move to meet the state's growing demand for clean energy and strengthen its renewable energy portfolio.

The formation of ARE64L and the PPA with Maharashtra reflect Adani Green Energy’s growing influence in India's renewable energy sector, contributing to the country's ambitious clean energy targets.