Adani Green and TotalEnergies to form $444 million joint venture

04 Sep 2024 CW Team

Adani Green Energy has entered into a binding agreement with TotalEnergies Renewables Singapore to establish a joint venture involving a $444 million investment, according to a company filing on September 2. The new entity will manage a 1,150 MWac (Mega-Watt Alternating Current) solar power portfolio, comprising both operational and under-construction assets. The projects will include a mix of merchant-based and power purchase agreement (PPA)-based ventures.

Adani Green Energy stated that both companies will equally share the equity of the joint venture, named ARE64L, with each holding a 50% stake. The final transaction details are currently under discussion, pending customary approvals and conditions.

Adani Green highlighted the company's significant progress in expanding its renewable energy capacity but emphasised the need for further growth to meet rising demand. The company has set ambitious goals, aiming to add 35 GW of solar capacity and 9 GW of wind capacity annually by 2030. This aligns with India’s target of achieving 500 GW of non-fossil power capacity by the same year.

(ET)

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