Adani Green Energy Ltd. has announced the formation of a new joint venture with TotalEnergies, following board approval on Monday. The deal will see affiliates of the French oil giant invest $444 million in the venture, expanding their collaboration beyond a previous $300 million agreement focused on building renewable energy capacity in India.
The new joint venture will be established between Adani Renewable Energy Sixty Four and TotalEnergies Renewables Singapore, with each company holding a 50% stake. TotalEnergies already has a significant stake in Adani Green, amounting to nearly 20%. While the specific financial details of the joint venture have not been disclosed, the venture will oversee a portfolio of 1,150 megawatts, including both operational and upcoming solar assets.
The transaction is subject to customary approvals and conditions, which will be finalized in the definitive agreements. Adani Green plans to add 35 gigawatts (GW) of solar capacity and 9 GW of wind capacity annually to meet its 2030 targets. India’s goal is to achieve 500 GW of non-fossil power capacity by that year.
In addition to this partnership, Adani Group has committed over $100 billion in investments for renewable energy over the next decade. The company reported a significant 95% increase in its consolidated net profit for the first quarter of the fiscal year, reaching ₹629 crore compared to ₹323 crore in Q1FY24.
Adani Green Energy Ltd., part of the Adani Group, is a leading player in India’s renewable energy sector. The company is focused on the development, construction, and operation of renewable power projects, including solar and wind energy.
As one of India’s largest renewable energy firms, Adani Green Energy is committed to advancing the country’s clean energy goals and addressing climate change. The company has ambitious plans to expand its renewable energy capacity significantly, aiming to add 35 gigawatts (GW) of solar power and 9 GW of wind power annually. Adani Green’s efforts align with India’s broader target of achieving 500 GW of non-fossil fuel power capacity by 2030. Through strategic partnerships and substantial investments, Adani Green Energy is playing a pivotal role in driving the transition to a sustainable energy future.
