TotalEnergies to Invest $444 Million in New JV with Adani Green

(Bloomberg) -- TotalEnergies SE will invest about $444 million a new joint venture with Adani Green Energy Ltd. to develop solar projects in India, expanding cooperation between the French energy giant and billionaire Gautam Adani’s conglomerate.

TotalEnergies will hold 50% stake in the new entity, which will comprise solar farms in operation and under construction, according to an exchange filing Monday. Adani Green, which is 19.75% owned by Total, will own the other half of the venture. 

The planned deal will increase the French company’s presence in India’s fast-growing energy market, while allowing Adani Green to develop new renewable projects. The latter company is building the world’s largest renewables park, a 30-gigawatt project, in the Khavda region of Gujarat state, in the western part of the country.

The new joint venture will house a 1,150-megawatt portfolio of solar projects. The transaction details are under discussion and subject to customary approvals and conditions, Adani’s fillings said.

Last year, TotalEnergies invested $300 million in a joint venture with Adani Green that’s developing wind and solar assets in India. The French company agreed to buy a stake in Adani Green and an interest in solar assets for $2.5 billion in 2021.

©2024 Bloomberg L.P.