In a significant move towards advancing renewable energy initiatives, French energy giant TotalEnergies is set to invest a substantial $300 million in a groundbreaking joint venture with Adani Green Energy. This development comes as a part of TotalEnergies’ strategic expansion in the renewable energy sector, as revealed in an official exchange filing made on Wednesday.
The collaborative effort between TotalEnergies and Adani Green Energy will result in the creation of a powerful joint venture with the capacity to generate an impressive 1,050 megawatts of electricity harnessed from both solar and wind sources. This venture marks a pivotal moment in the pursuit of sustainable energy solutions.
TotalEnergies has been a notable stakeholder in Adani Green Energy, already holding a 20% ownership stake. This new investment marks a significant milestone in their ongoing partnership. Notably, this is TotalEnergies’ first major investment with the Indian energy conglomerate since January when allegations of improper dealings and the use of tax havens by the Adani Group were raised by U.S. short seller Hindenburg Research. The Adani Group has strongly refuted these claims.
In response to this exciting development, Adani Green Energy has confirmed its commitment to contributing valuable assets to this joint venture. Furthermore, Adani Green Energy envisions that this partnership will play a pivotal role in achieving its ambitious goal of attaining 45 gigawatts of renewable energy capacity by the year 2030.
In a separate announcement, Adani Green Energy disclosed that its board has granted approval to sign a binding term sheet with TotalEnergies. This agreement will entail the modification of certain terms related to their investment in the joint venture, aptly named Adani Green Energy Twenty Three.
About Adani Green Energy:
Adani Green Energy Limited, based in Ahmedabad, Gujarat, is a prominent Indian renewable energy firm under the ownership of the Adani Group, a leading Indian conglomerate. The company is renowned for its operation of the Kamuthi Solar Power Project, which stands as one of the world’s largest solar photovoltaic facilities.
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