A strategic joint venture (JV), equally owned by Adani Green Energy Limited (AGEL) and TotalEnergies, has been announced with the goal of managing a portfolio of solar projects totalling 1,150 MW. The projects are situated at Khavda, Gujarat, at the largest renewable energy plant in the world. AGEL intends to provide its current assets to the newly formed JV, while TotalEnergies intends to provide $444 million to expedite the advancement of these projects.
With this investment, AGEL and TotalEnergies are demonstrating their shared commitment to fostering cooperation and accelerating India’s shift to renewable energy. It is evidence of AGEL’s demonstrated ability to provide green energy at a speed and scale never seen before.
Through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI) and through sales on the wholesale market, the 1,150 MW of solar projects’ generated electricity would be sold.
On a desolate wasteland in Khavda, Gujarat, AGEL is building the largest renewable energy facility in the world, spanning 538 square kilometres, five times the size of Paris. At the location, AGEL has already operationalised a combined 2,250 MW of solar and wind energy capacity. After it is finished, the plant will create over 15,200 green employment, provide reasonably priced clean energy to over 16 million Indian homes, and prevent over 58 million tonnes of CO2 emissions yearly.
The signing and completion of the transaction is subject to customary closing conditions including regulatory approvals.