TotalEnergies and Adani Green Energy Deepen Partnership with New Joint Venture
TotalEnergies and Adani Green Energy have announced a new joint venture, further solidifying their partnership in the Indian renewable energy market. This agreement will see TotalEnergies contribute an additional $444 million, bringing their total investment to $744 million.
The new joint venture will focus on a portfolio of 1.15 GW of solar electricity installations, both operational and under construction. This portfolio will be equally owned by both companies, with the electricity generated being sold on the wholesale market and through power purchase agreements with the Solar Energy Corporation of India.
This move aligns with TotalEnergies' strategy to expand its renewable energy portfolio and capitalize on the liberalization of India's power market. India's growing electricity demand, driven by economic activity and heat waves, presents a significant opportunity for renewable energy development.
The partnership between TotalEnergies and Adani Green Energy has faced challenges in the past, with allegations of improper dealings and tax havens impacting Adani Group. However, TotalEnergies remains confident in the value of its investments, citing the long-term potential of the Indian renewable energy market.
This new joint venture demonstrates the continued commitment of both companies to developing clean energy solutions in India. With a combined investment of $744 million, they are poised to play a significant role in shaping the future of India's energy landscape.