Energy giant TotalEnergies announced Tuesday that it has entered into a $444 million joint venture with Adani Green Energy Ltd., India’s largest renewable energy company, to develop a significant solar power project in the country. The venture, equally owned by TotalEnergies and Adani, will focus on a solar energy initiative in Gujarat, a northwestern province known for its robust renewable energy infrastructure.
TotalEnergies Forms $444M India JV With Adani : Strategic Investment in Indian Solar Energy
TotalEnergies, which already holds a 19.75% stake in Adani Green Energy, will contribute equity to the joint venture, while Adani will provide assets for the solar project. This partnership marks a strategic move by TotalEnergies to deepen its involvement in India’s rapidly growing renewable energy sector. The French multinational emphasized that the deal will enable it to capitalize on the liberalization of India’s electricity market, particularly through power purchase agreements with key entities like the Solar Energy Corp. of India and the wholesale market.
