TotalEnergies to Invest $444 Million in India Joint Venture With Adani Green

By Adam Whittaker

TotalEnergies and Adani Green Energy plan to create a new joint venture to develop a solar portfolio in Khavda, India, in which the French energy major will invest $444 million.

TotalEnergies said Tuesday that it will make an equity investment in the joint venture and Adani Green will contribute assets. The business, with a portfolio of more than 1 gigawatts, will be equally owned by the two companies.

TotalEnergies owns a 19.75% stake in India's Adani Green and the deal will enable it to support Adani meet its target of generating 50 gigawatts of renewable power capacity by 2030, its said.

Adani aims to build the world's largest renewable energy site in the Khavda region, which when completed will have a solar and wind capacity of 30 gigawatts.

The joint venture is subject to approval by Adani Green shareholders and regulatory authorities.

The electricity generated by the projects will be sold through power purchase agreements signed with India's federal government agency Solar Energy Corporation and on the wholesale market.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

September 03, 2024 03:15 ET (07:15 GMT)

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