TotalEnergies and Adani Green Energy Limited (AGEL), a renewable energy company, announced a partnership to create a new joint venture focused on solar energy.
This new joint venture will focus on developing and operating a solar portfolio located in Khavda, Gujarat, with a capacity of 1150 megawatts alternating current (MWac) (1,575-megawatt peak).
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AGEL’s renewable energy project in the Khavda region, covering 538 sq. km, aims for a solar and wind capacity of 30 GW and is set to be the largest renewable site.
The electricity produced by these solar projects will be sold under Power Purchase Agreements (PPAs) signed with the federal government agency Solar Energy Corporation of India (SECI) and through sales on the wholesale market.
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This new arrangement will allow TotalEnergies to leverage the ongoing liberalization of India’s electricity market.
This collaboration will enhance Total Energy’s strategic alliance with AGEL, aligning with the company’s goal of achieving 50 GW by 2030.
AGEl, which currently operates over 11 GW of solar and wind capacity in India will add its existing assets to the joint venture, while TotalEnergies plans to invest $444 million in equity to aid in the development of these solar projects.