AGEL will contribute its current assets to the new JV. Credit: Poetra.RH / Shutterstock.

India’s Adani Green Energy and TotalEnergies have announced the formation of a joint venture (JV) to manage a significant portfolio of solar projects in India.

The JV, equally owned by both companies, will oversee solar projects with a combined capacity of 1.15GW, located in Khavda, Gujarat.

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Adani Green Energy will contribute its current assets to the new JV, while TotalEnergies will invest $444m to expedite the development of the projects.

The electricity from these projects will be sold through power purchase agreements (PPAs) with the Solar Energy Corporation of India (SECI), and on the wholesale market.

The JV will play a pivotal role in bolstering India’s renewable energy capacity. Adani Green Energy is currently developing the world’s largest renewable energy plant on barren land in Khavda, Gujarat, covering an area five times larger than Paris at 538km² .

Adani Green Energy has already operationalised a cumulative capacity of 2.25GW of solar and wind energy at the site.

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The plant is projected to power over 16 million homes in India, create 15,200 green jobs, and reduce carbon emissions by 58 million tonnes annually.

In August 2024, Adani Power was negotiating to acquire the 600MW Butibori thermal power project in Maharashtra, previously owned by the now-insolvent Reliance Power.

The acquisition of the Butibori project, managed by Vidarbha Industries Power, a Reliance Power subsidiary, is estimated to be worth between Rs24bn and Rs30bn ($286m to $358m) – Rs40m to Rs50m per megawatt (MW).

This valuation is lower than the previous estimate of Rs60 billion due to the suspension of power generation at the plant.