Totalenergies, Adani Green Form JV For Major Solar Project In India
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 3. TotalEnergies
and Adani Green energy Limited (AGEL) have announced a new joint
venture to develop a significant solar energy portfolio in Khavda,
Gujarat, Trend
reports.
The partnership, which will be equally owned by both companies,
focuses on a 1,150 MWac (1,575 MWp) solar project.
The electricity generated will be sold through Power Purchase
Agreements (PPAs) with the federal government's Solar Energy
Corporation of India (SECI) and through the wholesale market. This
move allows TotalEnergies to leverage the ongoing liberalization of
India's electricity market.
This collaboration further strengthens the strategic alliance
between TotalEnergies and AGEL, positioning AGEL to become a global
leader in renewable energy as it aims to achieve 50 GW of renewable
capacity by 2030. Currently, AGEL operates over 11 GW of solar and
wind capacity across India.
AGEL will contribute assets to the joint venture, while
TotalEnergies will invest $444 million in equity to support the
development. The completion of this transaction is subject to
approval from AGEL's shareholders and the fulfillment of customary
regulatory requirements.
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