Adani Green Energy Ltd (AGEL) announced on Friday the completion of a joint venture with TotalEnergies, with both companies holding a 50:50 stake in Adani Renewable Energy Sixty Four Limited (ARE64L). The joint venture encompasses a 1,150 MWac portfolio of solar projects, which includes a combination of operational and under-development assets. These projects feature both merchant-based ventures and SECI PPA-backed initiatives under Adani Renewable Energy Fifty Six Limited.
As part of the deal, TotalEnergies has acquired its 50% share in ARE64L for $444 million. With this transaction, ARE64L is now equally owned by AGEL and TotalEnergies. Additional investments from TotalEnergies will be made once the under-development projects become commercially operational, with the amount determined based on project costs and timelines.
Under the joint venture agreement, AGEL will handle the day-to-day management and operations of ARE64L and Adani Renewable Energy Fifty Six Limited, as well as oversee the development and execution of the ongoing projects. The board of ARE64L will feature equal representation from both AGEL and TotalEnergies, with the chairman being a nominee from AGEL.
AGEL highlighted that the $444 million investment from TotalEnergies will enable the company to monetize existing assets while retaining control, freeing up capital for future expansion. The partnership strengthens AGEL’s strategic alliance with TotalEnergies and supports its goal of becoming a leader in India’s renewable energy sector, with a target of achieving 50 GW of renewable capacity by 2030.
