TotalEnergies: new JV with AGEL in India

(CercleFinance.com) - TotalEnergies announces that it has entered into an agreement with Adani Green Energy Limited (AGEL) to create a new 50/50 joint venture with a portfolio of 1150 MWac (1575 MWp) located in Khavda, in the Indian state of Gujarat.


The electricity generated by the solar projects will be sold through power purchase agreements (PPAs) signed with the federal government agency, Solar Energy Corporation of India, as well as through sales on the wholesale electricity market.

AGEL will contribute the assets to the joint venture, while TotalEnergies will invest $444m to support their development. The transaction's completion is subject to AGEL's shareholders and customary conditions, including regulatory approvals.

19.75%-owned by TotalEnergies, AGEL is currently developing the world's largest renewable energy site in the Khavda region of Gujarat. When completed, it will generate enough electricity to power the equivalent of 16 million homes in India.


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