Adani Green Energy Limited (AGEL), India’s largest renewable energy company, and TotalEnergies, have announced a strategic joint venture (JV), equally owned by both entities, aimed at managing a portfolio of solar projects totaling 1,150 MW. The projects are located at the world’s largest renewable energy plant in Khavda, Gujarat. AGEL will contribute its current assets to the new JV, while TotalEnergies plans to inject USD 444 million to accelerate the development of these projects.
This investment underscores AGEL and TotalEnergies’ commitment to bolstering collaboration, aligning with their shared objective of expediting India’s transition to clean energy. It is a testament of AGEL’s proven capabilities in delivering green energy at unprecedented speed and scale. The electricity generated from the 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI), and through sales on the wholesale market.
AGEL is developing the world’s largest renewable energy plant on barren wasteland at Khavda, Gujarat covering an area five times larger than Paris at 538 square kilometers. AGEL has already operationalized cumulative capacity of 2,250 MW solar and wind energy at the site. Once completed, the plant will supply affordable clean energy to over 16 million homes in India, generate over 15,200 green jobs and avoid about 58 million tons of CO2 emissions annually.
The signing and completion of the transaction is subject to customary closing conditions including regulatory approvals.
Adani Green Energy Limited (AGEL) is India’s largest and one of the leading renewable energy companies in the world enabling the clean energy transition. AGEL develops, owns, and operates utility scale grid-connected solar, wind, hybrid and hydro pumped storage renewable power plants. AGEL currently has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states.
The company has set a target of achieving 50 GW by 2030 aligned to India’s decarbonization goals. AGEL is focused on leveraging technology to reduce the Levelized Cost of Energy (LCOE) in pursuit of enabling largescale adoption of affordable clean energy. AGEL’s operating portfolio is certified ‘water positive for plants of more than 200 MW capacity’, ‘single-use plastic free’ and ‘zero waste-to-landfill’, a testament to the company’s commitment of powering sustainable growth.
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, more sustainable, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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