Adani Green Energy (AGEL) and TotalEnergies have announced an equally-owned joint venture to manage a portfolio of 1,150 MW of solar projects at the Khavda renewable energy project in Gujarat.

While AGEL plans to contribute its current assets to the projects, TotalEnergies will invest $444 million to speed up their development.

The electricity generated from the projects will be sold through power purchase agreements with Solar Energy Corporation of India and sales in the wholesale market.

AGEL is developing a renewable energy project at Khavda and has operationalized a cumulative capacity of 2,250 MW of solar and wind energy at the site. Once completed, the project will supply affordable clean energy to over 16 million homes in India, generate over 15,200 green jobs, and avoid about 58 million tons of CO2 emissions annually.

Last September, Adani Green and the French oil and gas major approved executing the binding term sheet by the two companies under which Total was to invest $300 million in a 50:50 JV.

Total acquired a 20% minority interest in Adani Green in 2021 by investing $2.5 billion.

Adani Green Energy was among the top five utility-scale solar project developers in the calendar year 2023, according to Mercom’s India Solar Market Leaderboard 2024. It led the utility-scale solar developer’s list, accounting for 28.9% of the yearly capacity additions.

In May, the company secured a $400 million green loan from a consortium of five international banks for its under-construction 750 MW solar power projects in Rajasthan and Gujarat.

The 500 MW project being developed in Rajasthan has a long-term power purchase agreement with the Solar Energy Corporation of India. The second project, with a capacity of 250 MW, is a standalone merchant power project implemented at Gujarat’s Khavda renewable energy cluster.