TotalEnergies Allocates $444 Million to New 1 GW Solar Joint Venture with Adani Green Energy in India

French energy leader TotalEnergies has announced a new joint venture with India-based Adani Green Energy Limited (AGEL), creating a solar portfolio exceeding 1 GW.

This partnership comes as India advances its clean energy investments, aiming to achieve 500 GW of installed renewable energy capacity by 2030. As part of its 2022 climate commitments, India plans to cut emissions intensity by 45% and transition to about 50% electric power from non-fossil sources.

Under the agreement, TotalEnergies will invest $444 million in equity, while Adani Green will contribute assets, including a 1,150 MWac (1,575 MWp) solar portfolio located in Khavda, Gujarat. This area is part of the world’s largest renewable energy site currently being developed by Adani Green, which spans over 538 square kilometers and is expected to achieve 30 GW of combined wind and solar capacity.

Electricity from the joint venture's projects will be sold through Power Purchase Agreements (PPAs) with a federal government agency and on the wholesale market.

This new venture builds on existing collaborations between TotalEnergies and Adani Green, including TotalEnergies' 20% stake acquisition in AGEL in 2021, a 2020 joint venture for 3 GW of solar power, and the recent establishment of a JV with over 1 GW of solar and wind projects. Additionally, TotalEnergies acquired a 25% stake in AGEL parent Adani’s green hydrogen business, Adani New Industries Ltd (ANIL), in 2022.

TotalEnergies highlighted that this transaction positions the company to benefit from the ongoing liberalization of the Indian electricity market.