(MENAFN- IANS) Ahmedabad, Sep 3 (IANS) Adani Green energy Limited (AGEL) has announced a strategic joint venture (JV) with TotalEnergies, involving an investment of $444 million into a new entity.
The JV is aimed at managing a portfolio of solar projects totalling 1,150 MW. Adani Green and TotalEnergies will each own 50 per cent stake in the new entity.
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.
Adani Green said that 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 $444 million to accelerate the development of these projects, said the Adani Group company.
The signing and completion of the transaction is subject to customary closing conditions, including regulatory approvals.
AGEL is developing the world's largest renewable energy plant on a barren wasteland at Khavda, Gujarat covering an area five times larger than Paris at 538 square kilometres.
The company has already operationalised a cumulative capacity of 2,250 MW of 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.
“This investment underscores AGEL and TotalEnergies' commitment to bolstering collaboration, aligning with their shared objective of expediting India's transition to clean energy,” said the companies.
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 decarbonisation goals.
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'.
TotalEnergies is a global multi-energy company present in nearly 130 countries.
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