BAKU: TotalEnergies and Adani Green Energy Limited (AGEL) have announced a new joint venture to develop a significant solar energy portfolio in Khavda, Gujarat, Trend reports. The partnership, which will be equally owned by both companies, focuses on a 1,150 MWac (1,575 MWp) solar project. The electricity generated will be sold through Power Purchase Agreements (PPAs) with the federal government's Solar Energy Corporation of India (SECI) and through the wholesale market. This move allows TotalEnergies to leverage the ongoing liberalization of India's electricity market. This collaboration further strengthens the strategic alliance between TotalEnergies and AGEL, positioning AGEL to become a global leader in renewable energy as it aims to achieve 50 GW of renewable capacity by 2030. Currently, AGEL operates over 11 GW of solar and wind capacity across India. AGEL will contribute assets to the joint venture, while TotalEnergies will invest $444 million in equity to support the development. The completion of this transaction is subject to approval from AGEL's shareholders and the fulfillment of customary regulatory requirements. Source: Trend News Agency
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