TotalEnergies plans to invest up to $300m in the renewables portfolio. Credit: Zhengzaishuru/Shutterstock.com.

French oil and gas giant TotalEnergies and India’s Adani Green Energy (AGEL) have entered an agreement to form an equally owned joint venture (JV) with a 1.05GW renewables portfolio in India.

The portfolio will include a mix of solar and wind projects with 300MW of operational capacity, 500MW under construction and 250MW under development.

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While Adani will contribute the assets to the JV, the French company is expected to contribute an equity investment of up to $300m (€282.05m) to further support the portfolio’s development.

TotalEnergies intends to have a portfolio of 45GW of renewable power capacity in India by 2030.

TotalEnergies chairman and CEO Patrick Pouyanné said: “TotalEnergies has been actively developing, notably through AGEL, 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 JV AGEL23 in 2020 and our acquisition of shares in AGEL in 2021, this new JV 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.”

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The deal is subject to completion after satisfying customary closing conditions and securing certain regulatory approvals.

Adani Group chairman Gautam Adani 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 decarbonisation. This will help deliver our vision to have 45GW renewable energy capacity by 2030.”

The deal further strengthens TotalEnergies’ strategic alliance with Adani, as earlier this month the companies also negotiated to invest in the latter’s other renewable projects.