TotalEnergies joins Indian billionaire Adani in 30GW green power mega-plan
Renewables group and French supermajor to form JV for solar at Khavda, home of massive development
Fast-growing Indian renewables giant Adani Green Energy strengthened its ties with French oil supermajor TotalEnergies with plans for a new joint venture between the two.
TotalEnergies will invest $444m to form the JV with Adani Green, the latter told shareholders.
The new venture, which is still subject to approvals, will include a 1.15GW(ac) mix of “operational and under execution solar assets, with a blend of both, merchant based and PPA based projects”, said Adani Green.
TotalEnergies subsequently confirmed that the assets involved are in Khavda, with the power generated to be sold to the Indian government and on the wholesale market.
The Indian developer is already a partner with TotalEnergies in owning other Indian wind and solar assets, while the French supermajor is a 19.75% shareholder in Adani Green itself.
The alliance regained momentum towards the back end of 2023, however, when the two signed an agreement to create a new 50-50 joint venture with a 1,050MW portfolio.
Adani Green Energy is the renewables arm of Adani Group, owned by billionaire founder and chairman Gautam Adani.
Adani Green in July said its total capacity of online wind and solar plants across its broader portfolio stood at 11.2GW. It is pursuing a plan to install 50GW of renewable capacity by 2030.