FOLLOW US

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.

The solar project, located in Gujarat, is designed to have a maximum output of 1,575 megawatts, sufficient to supply electricity to approximately 400,000 homes. This initiative forms part of a broader effort by Adani to develop the world’s largest renewable energy site in the Khavda region of Gujarat, an area spanning more than 538 square kilometers—five times the size of Paris. The site will combine solar and wind power, with a total capacity of 30 gigawatts, enough to power 16 million homes across India.

Broader Implications and Previous Moves

This new joint venture underscores TotalEnergies' commitment to expanding its renewable energy portfolio in emerging markets, particularly in regions with high growth potential like India. Adani Green Energy already operates over 11 gigawatts of solar and wind capacity, making it the largest renewable energy operator in India.

The formation of the joint venture is subject to approval from Adani's shareholders, as well as regulatory approvals and other conditions. Details regarding counsel for the deal were not immediately available.

This deal follows TotalEnergies' recent divestments, including its exit from an investment in Pakistan in August and the sale of its stake in a Nigerian joint venture for $860 million. These moves reflect the company’s strategic shift toward renewable energy investments as it continues to reallocate resources from traditional fossil fuel ventures to sustainable energy projects.