PARIS, FRANCE: TotalEnergies, a global energy company, has announced two joint-ventures to develop, build and operate onshore renewable projects in India and multiple geographies.
The first joint-venture is with Adani Green Energy Limited (AGEL), a leading renewable energy company in India. The joint-venture will have a 1,050 MWac (1400 MWp) portfolio of solar and wind power assets, equally owned by TotalEnergies and AGEL. TotalEnergies will invest 300 MUS$ in the joint-venture, which will support AGEL’s target of 45 GW renewable power capacity by 2030.
The second joint-venture is with European Energy, a Danish company that develops greenfield renewable projects. The joint-venture will have at least four GW of onshore renewable projects in various countries, with a 65/35 ownership split between TotalEnergies and European Energy. The partnership will leverage both parties’ experience, capability and financial strength to accelerate their profitable growth.
Both joint-ventures are subject to the receipt of regulatory approvals and customary closing conditions.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: “TotalEnergies has been actively developing its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market. After our first joint-venture AGEL23 in 2020 and our acquisition of shares in AGEL in 2021, this new joint-venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of AGEL in becoming the Indian leader of renewable energy.”
Gautam Adani, Chairman of Adani Group, said: “We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India’s glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030.”
Vincent Stoquart, Senior Vice President, Renewables at TotalEnergies, said: “We are delighted to enter into this agreement with European Energy which has developed a portfolio of asset in merchant countries such or Spain where TotalEnergies is already active, and which will enable us to accelerate our profitable growth. This cooperation will build on the strength and complementarity of both companies to bring value to these markets where our integrated power strategy makes a lot of sense.”
Knud Erik Andersen, Group CEO at European Energy, said: “The strategic cooperation that we will enter into with TotalEnergies is a decisive step in moving forward the green transition. With our extensive development pipeline and experience in developing green field renewable projects and TotalEnergies’ experience and ambitions on renewable energy onshore and offshore, this partnership sets a new milestone for the further acceleration of the growth of our renewable energy capacity around the world.”