France’s TotalEnergies SE has announced plans to invest $300 million in a new joint venture with Adani Green Energy Twenty Three Limited (AGE23L), a subsidiary of the Adani Group. The joint venture will have a 50:50 ownership structure and a substantial renewable energy portfolio with a total capacity of 1,050 MW.
The portfolio will consist of a diverse mix of assets, including those that are already operational (300 MW), under construction (500 MW), and under development (250 MW). These assets will encompass both solar and wind power projects, contributing to India’s growing renewable energy sector.
The binding termsheet outlining this strategic partnership stipulates TotalEnergies’ investment of $300 million, which will support the development and expansion of the portfolio. TotalEnergies will hold an equal 50% stake alongside Adani Green Energy in the new joint venture.
The purpose of this binding termsheet is to facilitate further investment by TotalEnergies in the joint venture with AGE23L, as well as to modify certain terms related to its investment in AGE23L. The transaction details, including the specifics of TotalEnergies’ contribution and the structure of the joint venture, are currently under discussion and will be finalized in the definitive agreements.
This investment underscores TotalEnergies’ commitment to its strategic alliance with Adani Green Energy and its goal of supporting Adani Green Energy in becoming a leader in India’s renewable energy sector. Together, they aim to achieve a renewable power capacity of 45 GW by 2030, contributing significantly to India’s renewable energy goals.
TotalEnergies already holds a 19.75% shareholding in Adani Green, and the two companies also have a listed joint venture called Adani Total Gas.
Gautam Adani, Chairman of the Adani Group, expressed his enthusiasm for the continued partnership with TotalEnergies, emphasizing that the investment would strengthen Adani Green Energy’s role in India’s journey toward decarbonization and its ambitious target of achieving 45 GW of renewable energy capacity by 2030.
This announcement follows previous collaborations between TotalEnergies and the Adani Group, with the French energy major holding a $4 billion green hydrogen project in partnership with Adani.
The transaction and investment details will be finalized as discussions progress between the two companies and will be documented in the definitive agreements.
