TotalEnergies invests USD 300 million in Adani Energy project

New Delhi: French energy giant TotalEnergies has invested USD 300 million in a renewable energy joint venture with Adani Green Energy Ltd.

In a statement, AGEL said it completed a "1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects." This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023.

The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) & under development assets (250 MW) with a blend of both solar and wind power projects in India.

"With this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL's target of 45 GW capacity by 2030." It added.