TotalEnergies renewables pact with Indian billionaire Adani on oil giant's big green Wednesday
Busy day for French supermajor sees it announce two major renewable energy partnerships
TotalEnergies has teamed up with India’s Adani Group on a gigawatt of green projects after their relationship was rocked by fraud allegations earlier this year on a busy day for the French oil giant that also saw it pair with a European player to develop 4GW of wind and solar.
TotalEnergies and Adani Green Energy separately announced today (Wednesday) that they have signed an agreement to create a new 50-50 joint venture with a 1,050MW portfolio.
The portfolio includes a mix of operational (300 MW), under construction (500 MW) and under development (250MW) wind and solar projects.
Adani Green will bring the assets, while TotalEnergies will bring $300m in investment to support their development.
Pouyanné said today that his company has been developing, notably through Adani Green, its presence in the Indian renewables market. This new joint venture enables TotalEnergies to “speed up” this development through “direct access to a large portfolio of assets."
Adani Group chair, Indian billionaire Gautam Adani, said: “We are delighted to extend our long-term partnership with TotalEnergies in [Adani Green].”
He said this would strengthen Adani Green’s “pivotal role” in India’s “glide path to decarbonisation” as well as the company’s aim to have 45GW renewable energy capacity by 2030.
Link with European Energy
Earlier today, TotalEnergies announced that it had signed another joint venture with Danish renewables group European Energy to develop at least 4GW of onshore green energy projects across “multiple geographies”.
TotalEnergies will take a 65% stake in that joint venture, which remains subject to regulatory approvals.
TotalEnergies said it will bring its “strong experience” in building and operating large-scale projects, its ability to market offtake and “financial robustness" to the partnership.
European Energy meanwhile has a “proven track record in developing greenfield projects and engaging successfully with stakeholders.”
Vincent Stoquart, senior vice president of renewables at TotalEnergies, said that European Energy has already developed assets in countries such as Spain, where the oil major is active.
“This cooperation will build on the strength and complementarity of both companies to bring value to these markets where our integrated power strategy makes a lot of sense,” he said.
European Energy CEO Knud Erik Andersen said the partnership is a “decisive step in moving forward the green transition.”
“With our extensive development pipeline and experience in developing green field renewable projects and TotalEnergies’ experience and ambitions on renewable energy onshore and offshore, this partnership sets a new milestone for the further acceleration of the growth of our renewable energy capacity around the world,” he said.
European Energy was founded in 2004 and now boasts more than 1.4GW of active renewables projects, with 60GW more in its pipeline in 28 countries.