Adani Green plans new JV with TotalEnergies involving $444 million investment

The joint venture will house a 1,150 MWac (Mega-Watt Alternating Current) solar power portfolio in a mix of operational and under execution assets, which will have a blend of both merchant-based as well as PPA based projects.

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26 Aug, 2025 12:21

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Adani Green Energy has signed a binding agreement for a JV with TotalEnergies Renewables Singapore, involving an investment of $444 million into a new entity, an exchange filing on September 2 said.

The joint venture will house a 1,150 MWac (Mega-Watt Alternating Current) solar power portfolio in a mix of operational and under execution assets, with a blend of both merchant-based as well as PPA-based projects, the company said.

"Both, the Company and TotalEnergies will hold 50:50% of the paid-up equity share capital of the new Joint Venture Company i.e. ARE64L," Adani Green Energy said in the press statement. "The transaction details are under discussion and subject to customary approvals and conditions."

Adani Green says that its capacity to generate renewable energy has seen robust growth so far, but much more is needed to match the demand growth. The company recently laid out a target of 35 GW for solar capacity addition, and wind capacity addition of 9 GW per annum, to reach 2030 forecasts. India has been aiming to reach 500 GW in non-fossil power capacity, by the year 2030.

Read More: Adani Group increases stakes in Adani Enterprises, Adani Green

TotalEnergies, through its affiliate entities, holds ~19.75% shareholding in Adani Green.

Adani Green Energy (AGEL) reported 95 percent jump in consolidated net profit at Rs 629 crore for the June quarter, compared to a net profit of Rs 323 crore in the year-ago period.

Jefferies recently initiated coverage on Adani Green with a Buy rating, saying strong industry tailwinds are poised to boost the outlook for the green energy player.

Earlier this year, Adani Green Energy told Moneycontrol that it plans to invest Rs 1.5 lakh crore to boost capacity to 30 gigawatts (GW) at its Khavda renewable energy project site in Kutch, Gujarat, over the next five years.