Adani Green, TotalEnergies to launch US$ 444 mn RE Venture

Adani Green Energy has secured board approval for a joint venture (JV) with TotalEnergies, with the French energy giant set to invest US$ 444 million. This follows a previous US$ 300 million partnership between the two companies to expand renewable energy capacity in India, where coal remains a dominant energy source.

Under the new agreement, Adani Green, Adani Renewable Energy Sixty Four, and TotalEnergies Renewables Singapore will form the JV, with each company holding a 50% stake. The partnership aims to manage a 1,150-megawatt portfolio consisting of both operational and under-construction solar assets. Although the financial specifics of the JV are yet to be disclosed, Adani Green confirmed that these will be included in the final agreements, pending customary approvals and conditions.

TotalEnergies, through its affiliates, already owns a nearly 20% stake in Adani Green, indicating a strong commitment to their collaboration in the renewable energy sector. This JV is part of Adani Green’s broader strategy to significantly ramp up its renewable energy capacity. The company aims to add 35 gigawatts (GW) of solar and 9 GW of wind capacity annually, contributing to India’s national goal of achieving 500 GW of non-fossil power capacity by 2030.

In line with these ambitious expansion plans, the Adani Group has announced intentions to invest over $100 billion in the renewable energy sector over the next decade. The company’s financial performance has also shown robust growth, with a 95% increase in consolidated net profit for the first quarter of the current fiscal year, reaching Rs 629 crore compared to Rs 323 crore in Q1FY24.

This new JV with TotalEnergies marks a significant step forward in Adani Green’s mission to lead India’s transition to sustainable energy sources.