French energy company TotalEnergies has announced a partnership with Adani Green Energy Limited (AGEL), a renewable energy developer in India. This partnership will provide more than 1 GW of solar energy portfolio. TotalEnergies will invest $444 million in equity and AGEL will purchase assets including a 1,150 MWac (1,575 MWp) solar farm in Khawda, Gujarat. The Khawda area is being developed by AGEL as the world’s largest renewable energy site with a potential of 30 GW for wind and solar. Power generated by new solar projects is sold through cooperative power purchase agreements (PPAs) with a government agency and the retail market.
The partnership is part of a series of joint ventures between TotalEnergies and AGEL, which includes TotalEnergies acquiring a 20% stake in AGEL in 2021, a joint venture for 3GW of solar power in 2020, and buy a 25% share in AGEL. AGEL’s parent company, Adani New Industries Ltd, by 2022. The new venture is part of India’s broader effort to increase its renewable energy capacity to 500 GW a year 2030, with a commitment to reduce emissions by 45 percent and increase efficiency. It’s electric. From non-food sources up to 50%. TotalEnergies sees this partnership as an opportunity to benefit from the continued supply of the Indian electricity market.