TotalEnergies signs joint venture with Adani Green
Published by Oliver Kleinschmidt,
Editorial Assistant
Energy Global,
TotalEnergies and Adani Green Energy Ltd (AGEL) have entered into an agreement to create a new joint venture, equally owned by TotalEnergies and AGEL, with a 1150 MWac (1575 MWp) solar portfolio in Khavda in Gujarat, India.
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 capitalise on the ongoing liberalisation of the Indian electricity market.
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. AGEL already operates over 11 GW of solar and wind capacity in India.
AGEL will contribute to the joint venture with assets and TotalEnergies will provide an equity investment of US$444 million to support their development. 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.
Khavda: the world’s largest renewable energy plant
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. Of this, 2 GW has already been operationalised by AGEL. Once completed, Khavda will generate enough electricity to power the equivalent of 16 million homes in India.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
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Read the article online at: https://www.energyglobal.com/solar/03092024/totalenergies-signs-joint-venture-with-adani-green/
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