Adani Green, TotalEnergies to partner on 1.15 GW of solar at Khavda

French multi-energy group TotalEnergies SE (EPA:TTE) and Indian renewables company Adani Green Energy Ltd (BOM:541450) have agreed to form a 50/50 joint venture to advance a solar portfolio of 1,150 MWac in Gujarat, India.

The projects are set at the Khavda Renewable Energy Park, a planned 30-GW development where Adani Green already commissioned 2 GW of solar farms. TotalEnergies will invest USD 444 million (EUR 401.5m) into the joint entity’s portfolio, while Adani Green is contributing the assets, the French group said on Tuesday.

The portfolio consists of solar farms in operation and under construction, Adani Green said separately.

The plants will earn revenues under power purchase agreements (PPAs) with the Solar Energy Corporation of India (SECI) and through sales on the wholesale electricity market.

The transaction is subject to customary closing conditions and regulatory approvals.

TotalEnergies owns 19.75% of Adani Green. Since 2020, they have formed several joint ventures in India, including last year's 50/50 partnership to run 1.05 GW of solar and wind farms.

(USD 1.0 = EUR 0.904)

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