Adani Green Energy and TotalEnergies Form Joint Venture for 1,150 MW Solar Projects in Gujarat

Adani Green Energy Limited (AGEL) and TotalEnergies have announced the formation of a 50:50 joint venture to manage a portfolio of 1,150 MW solar projects at the Khavda Renewable Energy Park in Gujarat. This strategic partnership brings together AGEL’s renewable energy expertise and TotalEnergies' global energy capabilities to advance the development of these significant solar projects.

TotalEnergies Invests $444 Million to Accelerate Solar Development

In this collaboration, AGEL will contribute its existing assets to the Khavda solar projects, while TotalEnergies will invest $444 million to accelerate the development process. The electricity generated from these projects will be sold through power purchase agreements with the Solar Energy Corporation of India (SECI) and in the wholesale market. This approach is expected to deliver sustainable and affordable energy to millions of homes across India.

Khavda Renewable Energy Park: A Hub for Clean Energy

AGEL has been at the forefront of renewable energy development in India and is currently spearheading the Khavda Renewable Energy Park project. The company has already operationalized a cumulative capacity of 2,250 MW of solar and wind energy at this site. Once fully completed, the project will supply clean energy to over 16 million homes, create more than 15,200 green jobs, and prevent approximately 58 million tons of CO2 emissions annually.

Strengthening the AGEL-TotalEnergies Partnership

The partnership between Adani Green Energy and TotalEnergies is not new. Last September, the two companies executed a binding term sheet under which TotalEnergies committed to investing $300 million in this joint venture. Additionally, TotalEnergies had previously acquired a 20% minority interest in Adani Green Energy in 2021 by investing $2.5 billion, further solidifying their collaboration in advancing India's renewable energy ambitions.

AGEL’s Leadership in India’s Solar Market

Adani Green Energy has established itself as a leader in the Indian renewable energy sector. In 2023, AGEL was ranked among the top five utility-scale solar project developers, according to Mercom's India Solar Market Leaderboard 2024, accounting for 28.9% of the yearly capacity additions. This leadership position was further bolstered in May when AGEL secured a $400 million green loan from a consortium of five international banks to finance its under-construction 750 MW solar power projects in Rajasthan and Gujarat.

The Rajasthan project, with a capacity of 500 MW, has a long-term power purchase agreement with SECI. The remaining 250 MW is a standalone merchant power project at the Khavda renewable energy cluster in Gujarat.