TotalEnergies will pick up 50 percent stake for $444 million in Adani Green Energy’s 1,150 MWac (1,575 MWp) solar portfolio in Khavda in Gujarat.
Adani Green Energy will own the balance 50 percent stake in the joint venture.
The electricity generated by the solar projects will be sold through Power Purchase Agreements (PPAs) signed with the federal government agency, Solar Energy Corporation of India (SECI), and through sales on the wholesale market.
Adani Green Energy aims at becoming a global renewable leader with 50 GW of renewable power capacity by 2030. Adani Green Energy already operates over 11 GW of solar and wind capacity in India.
TotalEnergies already holds 19.75 percent stake in Adani Green Energy.
The world’s largest renewable energy site in the Khavda region (Gujarat) will will boast solar and wind capacity of 30 GW. Of this, 2 GW has already been operationalized by AGEL. Once completed, Khavda will generate enough electricity to power the equivalent of 16 million homes in India.