Adani Green Energy and TotalEnergies Form $444M JV for World's Largest Solar Project in Gujarat

Adani Green Energy Limited (AGEL) and TotalEnergies have announced a strategic joint venture aimed at advancing India's renewable energy capabilities. The partnership will see the creation of a new entity equally owned by TotalEnergies and AGEL, focusing on a significant solar energy project in Khavda, Gujarat. This project will showcase a substantial solar portfolio of 1,150 MWac (1,575 MWp), demonstrating the increasing momentum in India's renewable energy sector.

The Khavda project is particularly notable as it represents the world’s largest renewable energy plant, being developed by AGEL, which is 19.75% owned by TotalEnergies. Spanning over 538 km², an area five times the size of Paris, the Khavda site is expected to have a combined solar and wind capacity of 30 GW. With 2 GW already operational, the project, once fully completed, will generate enough electricity to power approximately 16 million homes in India, marking a significant milestone in the country’s renewable energy journey.

The electricity generated by the Khavda solar project will be sold through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and via the wholesale market. This initiative allows TotalEnergies to take advantage of the ongoing liberalization of the Indian electricity market, representing a strategic expansion into a rapidly evolving sector.

This collaboration further strengthens TotalEnergies' strategic alliance with AGEL, reinforcing their commitment to supporting AGEL’s ambitions of becoming a global leader in renewable energy. AGEL has set an ambitious target of achieving 50 GW of renewable power capacity by 2030, with the company already operating over 11 GW of solar and wind capacity across India.

As part of the agreement, AGEL will contribute its assets to the joint venture, while TotalEnergies will make an equity investment of $444 million to aid in the development of these assets.

The completion of the transaction is subject to AGEL’s shareholders' approval and the fulfillment of customary closing conditions, including necessary regulatory approvals.