Joint Venture between TotalEnergies (19.75% share) and Adani.
This partnership commenced in 2020, with the creation of AGEL23, a 50-50 joint venture with leading solar developer Adani Green Energy Limited (AGEL) for the operation of 2.3 GWac of solar projects.
Further in January 2021, TotalEnergies acquisition of a 20% stake (currently 19.75% with the recent acquisition of SoftBank’s renewable assets in India) in Adani Green Energy Ltd (AGEL) strengthened its strategic alliance with Adani Group while consolidating its position in renewables.
This was followed by two more 50-50 joint ventures for 1.05GWac and 1.15GWac of renewable energy projects in 2023 and 2024 respectively, taking overall renewable projects under joint venture to 4.5 GWac.
With overall renewable deal of $3.25 Bn, this represents the single largest investment by TotalEnergies in the renewables sector.
AGEL is India's largest renewable energy solutions partner that develops, owns, and operates utility-scale grid connected solar, wind, and hybrid renewable power plants. The company has an operating renewable portfolio of 11+ GWac spread across 12 states.