Ahmedabad: Adani Green Energy Limited (AGEL) and Total Energies have announced a 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. “AGEL will contribute its current assets to the new JV, while TotalEnergies plans to inject USD 444 million to accelerate the development of these projects,” said Adani Green Energy in a statement on Tuesday.
“This investment underscores AGEL and Total Energies’ commitment to bolstering collaboration, aligning with their shared objective of expediting India's transition to clean energy. It is a testament of AGEL’s proven capabilities in delivering green energy at unprecedented speed and scale,” said the statement.
The electricity generated from the 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) with Solar Energy Corporation of India (SECI), and through sales on the wholesale market.
“AGEL is developing the world’s largest renewable energy plant on barren wasteland at Khavda, Gujarat covering an area five times larger than Paris at 538 square kilometers. AGEL has already operationalized cumulative capacity of 2,250 MW solar and wind energy at the site. 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,” said the statement.
The signing and completion of the transaction is subject to customary closing conditions, including regulatory approvals.
Adani Green Energy Limited (AGEL) is a renewable energy company which develops, owns, and operates utility-scale grid-connected solar, wind, hybrid and hydro pumped storage renewable power plants.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)