Pouyanné has been actively developing presence in Indian renewable market
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) is making an equity investment of US$300 million to further support developments in its new partnership with Adani Green Energy Limited (AGEL).
Both have entered into a binding agreement to create a new JV, equally owned by TotalEnergies and AGEL, with a 1,050 MWac (1400 MWp) portfolio.
This portfolio will comprise of a mix of already operational (300 MWac), under construction (500 MWac) & under development assets (250 MWac) with a blend of both solar & wind power.
AGEL will contribute to the JV the assets, supported by fresh cash from TotalEnergies’ US$300 million equity investment.
TotalEnergies’ Chairman and CEO, Patrick Pouyanné, commented on 20 Sept 2023, “TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market.
“After our first joint-venture AGEL23 in 2020 and our acquisition of shares in AGEL in 2021, this new joint-venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of AGEL in becoming the Indian leader of renewable energy.”
Adani Group Chairman, Gautam Adani, elaborated, “The TotalEnergies investment will further strengthen the pivotal role played by AGEL in India’s glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030.” Fiinews.com
