Adani Renewable Energy Middle East (AGEL UAE), a wholly owned subsidiary of Adani Green Energy (AGEL), and Minerva Holding have formed a joint venture (JV) company to set up renewable energy projects in India.

The JV company will focus on developing, constructing, and operating renewable energy projects in India.

Minerva is wholly owned by EPointZero. AGEL UAE will invest in the joint venture company with an equity participation of up to 20%.

The transaction is linked to a broader arrangement under which EPointZero, the energy and infrastructure arm of the IHC Group in the UAE, and the parent entity of Minerva, has entered into a joint venture with AGEL.

The board of directors of the JV company will be responsible for supervision, strategic direction, and oversight of the company and its subsidiaries. Under the agreed structure, Minerva will have the right to appoint up to four directors to the board, while Adani will have the right to appoint one director.

Adani Green added over 5 GW of renewable energy capacity in the financial year 2025–26, taking its total operational portfolio to 19.3 GW. The new capacity addition includes 3.4 GW of solar, 700 MW of wind, and 1 GW of wind-solar hybrid capacity.

The company also brought online an initial 1,376 MWh of battery energy storage systems at Khavda in Gujarat.

Adani Green plans to install 30 GW of renewable capacity at Khavda by 2029.

The company reported a revenue of ₹24.2 billion (~$263.63 million) in the third quarter of the financial year 2026, a 21% year-over-year (YoY) increase from ₹19.93 billion (~$217.11 million). Its energy sales increased by 37% YoY, propelled by robust capacity additions and strong operational performance.

Adani Green was the top utility-scale solar project developer in 2025, according to Mercom’s India Solar Market Leaderboard 2026. The company accounted for 24.1% of the total capacity additions during the year.