Adani Green Energy (AGEL) announced that its board has approved the execution of binding documents for a joint venture agreement between Adani Renewable Energy Sixty Four and Total Energies Renewables Singapore.
The new joint venture company will house a 1,150 megawatt alternating current (MWac) portfolio, which will comprise of mix of operational and under execution solar assets. The portfolio will feature both merchant-based and Power Purchase Agreement (PPA) based projects. The said projects are located at the worlds largest renewable energy plant in Khavda, Gujarat.The JV will be equally owned by both entities. The company will contribute its current assets to the new JV, while TotalEnergies will invest $444 million to accelerate the development. The transaction details are under discussion and subject to customary approvals and conditions. The Parties will discuss and agree to these in the definitive agreements and once agreed, these shall be disclosed in compliance with the requirements under applicable law. The transaction will be undertaken at an arms length price.
This investment underscores AGEL and TotalEnergies' commitment to bolstering collaboration, aligning with their shared objective of expediting India's transition to clean energy. It is a testament of AGELs proven capabilities in delivering green energy at unprecedented speed and scale. The electricity generated from the 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI), and through sales on the wholesale market, the company said in exchange filing.
The company is developing the worlds largest renewable energy plant on barren wasteland at Khavda, Gujarat, which covers an area five times larger than Paris, at 538 square kilometers. The company has already operationalized a cumulative capacity of 2,250 MW of solar and wind energy at this site. Upon completion, the plant will supply affordable clean energy to over 16 million homes in India, create more than 15,200 green jobs, and avoid approximately 58 million tons of CO2 emissions annually, it added.
Adani Green Energy (AGEL), a part of India-based Adani Group, has one of the largest global renewable portfolios with overall portfolio of 20.4 gigawatt (GW) including operating, under-construction and awarded projects catering to investment-grade counterparties. The company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.
The companys consolidated net profit jumped 94.74% to Rs 629 crore in Q1 FY25 as compared with Rs 323 crore in Q1 FY24. Total income increased 22.43% to Rs 3,122 crore in Q1 FY25 as compared with Rs 2,550 crore posted in same quarter last year.
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