New Delhi, September 3rd: Adani Green Energy has announced the approval of binding documents for a joint venture with TotalEnergies. The French energy giant will invest $444 million into the new 50:50 joint venture, which will be housed under Adani Renewable Energy Sixty Four Limited (ARE64L), according to an exchange filing by Adani Green Energy.
The joint venture agreement represents a strategic step in consolidating and expanding the renewable energy portfolios of both companies. TotalEnergies, either directly or through its affiliates, will contribute to the capital needed to form this new entity, which will oversee a substantial 1,150 MWac portfolio. This portfolio will include a mix of operational and under-construction solar assets, featuring both merchant-based and Power Purchase Agreement (PPA)-based projects.
Under the terms of the agreement, Adani Green Energy and TotalEnergies will each hold 50% of the equity share capital of ARE64L, reinforcing their commitment to joint operations in the renewable energy sector. This joint venture builds on their existing collaboration, where they also share equal ownership in Adani Green Energy Twenty Three Limited and Adani Renewable Energy Nine Limited.
TotalEnergies, which already holds a 19.75% stake in Adani Green Energy through its affiliate entities, continues to deepen its involvement in India’s rapidly growing renewable energy market. This latest venture underscores TotalEnergies’ strategy to expand its renewable energy footprint globally while supporting India’s ambitious targets for green energy development.
The new joint venture is expected to enhance the scale and efficiency of both companies’ solar energy projects, contributing to the broader goals of sustainability and clean energy transition. The collaboration between Adani Green Energy and TotalEnergies underlines the importance of strategic alliances in achieving large-scale energy transformation.
This $444 million investment by TotalEnergies highlights the growing interest of international energy companies in India’s renewable energy market, which is among the most dynamic in the world. As the joint venture takes shape, it will likely play a critical role in the future of renewable energy in India and beyond.
