French oil giant TotalEnergies and India’s Adani Green Energy are moving ahead with their new joint venture. On Monday, Adani Green’s board approved a deal where TotalEnergies will invest $444 million.
This investment is a jump from the $300 million previously announced in September 2023. The deal will give TotalEnergies direct ownership of wind and solar farms managed by Adani Green in India.
TotalEnergies is a major player in the global oil and gas industry. Based in Paris, the company is focusing on expanding its renewable energy portfolio. TotalEnergies aims to have 45 gigawatts of renewable energy capacity by 2030.
Adani Green Energy, part of the Indian Adani Group, is a key player in India’s renewable energy sector. It focuses on solar and wind energy projects to address India’s growing energy needs, which are still largely met by coal.
The new strategic joint venture(JV), equally owned by both entities, aimed at managing a portfolio of solar projects totaling 1,150 MW. The projects are located at the world’s largest renewable energy plant
in Khavda, Gujarat.
The joint venture will operate a portfolio of 1.15 gigawatts of solar energy projects. This includes both existing and planned solar installations. Once completed, the plant will supply affordable clean energy to over 16 million homes in India, generate over 15,200 green jobs and avoid about 58 million tons
of CO2 emissions annually.
This new partnership follows a pause in their relationship last year. TotalEnergies had suspended its involvement with Adani after Hindenburg Research raised concerns about Adani Group’s practices. The report led to a significant drop in Adani Group’s share value.
Despite this, TotalEnergies CEO Patrick Pouyanne has defended the investments claiming the value of Total’s stake in Adani Green Energy and Adani Total Gas has continued to profit the firm if anything.
