French energy giant forms JV with AGEL to become global leader in renewables
TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) will provide an equity investment of US$444 million through 50:50 JV with Adani Green Energy Limited (AGEL) for a 1,150 MWac (1,575 MWp) solar portfolio in Khavda in Gujarat.
AGEL will contribute to the joint venture with assets and on 3 Sept that the signing and completion of the transaction is subject to the approval of AGEL’s shareholders and satisfaction of customary closing conditions, including the receipt of certain regulatory approvals ted.europa.eu/en/.
The electricity generated by the solar projects will be sold through Power Purchase Agreements (PPAs) signed with the federal government agency, Solar Energy Corporation of India (SECI), and through sales on the wholesale market. This new transaction will allow TotalEnergies to capitalize on the ongoing liberalization of the Indian electricity market jpx .
This will strengthen TotalEnergies’ strategic alliance with AGEL, allowing it to support the company in becoming a global renewable leader as it targets 50 GW of renewable power capacity by 2030 deutsche-boerse . AGEL already operates over 11 GW of solar and wind capacity in India isolaralliance .
AGEL (19.75% owned by TotalEnergies), is developing the world’s largest renewable energy site in the Khavda region (Gujarat). Spanning over 538 km², five times the size of Paris, the site will boast solar and wind capacity of 30 GW euronext . Of this, 2 GW has already been operationalized by AGEL. Once completed, Khavda will generate enough electricity to power the equivalent of 16 million homes in India renewable-world .
AGEL is India’s largest and one of the leading renewable energy companies in the world enabling the clean energy transition sgx . AGEL develops, owns, and operates utility scale grid-connected solar, wind, hybrid and hydro pumped storage renewable power plants. AGEL currently has an operating renewable portfolio of 11.2 GW, the largest in India, spread across 12 states climatebonds.net . Fiinews.com
