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TotalEnergies (LSE:TTE) and Adani Green Energy Limited (AGEL) have announced a groundbreaking joint venture to develop a significant solar energy project in Khavda, Gujarat. This collaboration, equally owned by both companies, will feature a substantial 1,150 MWac (1,575 MWp) solar portfolio, marking a major step forward in the global renewable energy landscape.
The electricity generated from this expansive solar initiative will be sold through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI), as well as through sales in the wholesale market. This venture is strategically timed to leverage the ongoing liberalization of the Indian electricity market, providing TotalEnergies with a key opportunity to expand its footprint in one of the world's most dynamic energy markets.
This new venture not only underscores TotalEnergies' commitment to expanding its renewable energy portfolio but also reinforces its strategic partnership with AGEL. The joint effort is poised to bolster AGEL’s ambitious goal of achieving 50 GW of renewable power capacity by 2030. Currently, AGEL operates over 11 GW of solar and wind energy capacity across India, highlighting its leading role in the country’s renewable sector.
As part of the agreement, AGEL will contribute existing assets to the joint venture, while TotalEnergies will invest $444 million to facilitate the development of the project. The completion of the transaction is contingent upon the approval of AGEL’s shareholders and the fulfillment of customary closing conditions, including obtaining necessary regulatory approvals.
The Khavda region, where this project will be developed, is already making headlines as the site for the world’s largest renewable energy plant. Spanning an impressive 538 square kilometers—five times the size of Paris—Khavda will eventually house a combined solar and wind capacity of 30 GW. To date, AGEL has operationalized 2 GW of this capacity, and once the full project is completed, it will have the potential to power approximately 16 million homes across India.
This joint venture marks a significant milestone in the global push towards sustainable energy, showcasing how strategic partnerships can drive large-scale advancements in renewable energy infrastructure.
