Adani Green Energy Limited (AGEL) and TotalEnergies have unveiled an equal ownership strategic joint venture (JV) to oversee a portfolio of solar projects totalling 1,150 MW. These projects are situated within the world's largest renewable energy plant in Khavda, Gujarat.
Adani Green Energy stocks were trading in red, down 1.95 per cent, at ₹1,907.20, on September 3, at 11:59 am, on BSE.
Under the terms of the agreement, AGEL will contribute its existing assets to the JV, while TotalEnergies will invest USD 444 million to accelerate project development. This partnership highlights AGEL and TotalEnergies' dedication to enhancing collaboration and aligns with their shared goal of fast-tracking India's transition to clean energy. The move underscores AGEL's expertise in delivering green energy swiftly and on a large scale. The electricity produced from these 1,150 MW solar projects will be sold via Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and through the wholesale market.
AGEL is spearheading the development of the world’s largest renewable energy plant on barren land in Khavda, Gujarat, spanning 538 square kilometers—an area five times larger than Paris. To date, AGEL has operationalized 2,250 MW of solar and wind energy capacity at this site. Upon completion, the plant is expected to provide affordable clean energy to over 16 million homes in India, create more than 15,200 green jobs, and reduce CO2 emissions by approximately 58 million tons annually.
The completion of this transaction is contingent upon customary closing conditions, including regulatory approvals.
Meanwhile, another energy sector arm of Adani Group, Adani Energy Solutions Ltd. (AESL) announced on September 2 that it had completed its acquisition of the special purpose vehicle (SPV) for the Khavda Phase IV Part-A transmission project, following the Receipt of a letter of intent (LOI) from REC Power Development and Consultancy (RECPDCL), Mint reported.
Khavda IVA Power Transmission, the SPV established by RECPDCL to facilitate the evacuation of 7 GW of renewable energy from the Khavda RE Park under the Phase IV Part A package, has now been acquired by AESL. The project includes the development of a transmission line that will connect 765 kV double circuit lines from Khavda to Lakadia and Khavda to Bhuj in Gujarat, with a transformation capacity of 4,500 MVA.
