Adani Green and TotalEnergies form joint venture to manage 1,150 MW solar projects in Khavda
These projects are part of the world's largest renewable energy plant located in Khavda, Gujarat. AGEL will contribute its existing assets to the JV, while TotalEnergies will invest USD 444 million to accelerate the development of these projects.
ANI
Sep 03, 2024 10:39 IST
Ahmedabad (Gujarat) [India], September 3 (ANI): Adani Green Energy Limited (AGEL) and TotalEnergies have announced the formation of a joint venture (JV), equally owned by both partners, to manage a portfolio of 1,150 MW solar projects.
According to Adani Renewables, these projects are part of the world's largest renewable energy plant located in Khavda, Gujarat. AGEL will contribute its existing assets to the JV, while TotalEnergies will invest USD 444 million to accelerate the development of these projects.
This investment highlights AGEL and TotalEnergies' commitment to strengthening their collaboration and supporting India's transition to clean energy. It also demonstrates AGEL's proven ability to deliver green energy rapidly and at scale.
The electricity generated from these 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and on the wholesale market. AGEL is developing the world's largest renewable energy plant on a barren wasteland in Khavda, Gujarat, covering an area of 538 square kilometers--five times the size of Paris.
AGEL has already operationalized 2,250 MW of solar and wind energy capacity at the site. Once completed, the plant will provide affordable clean energy to over 16 million homes in India, create more than 15,200 green jobs, and avoid approximately 58 million tons of CO2 emissions annually.
The signing and completion of this transaction are subject to customary closing conditions, including regulatory approvals.
Adani Green Energy Limited (AGEL) is one of the largest renewable companies in India, with a current project portfolio of 20,434 MW. According to the company website, the company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects driven by the Adani Group's philosophy of 'Growth with Goodness',. The electricity generated is supplied to central and state government entities and government-backed corporations. The company has a portfolio of 54 operational projects and 12 projects under construction. (ANI)
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