Adani Green-Total joint venture reaches more than 2.3GW of operating solar

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Adani.

A newly formed joint venture (JV) between Adani Green Energy and Total has increased its operating solar portfolio to 2,353MW after securing additional assets in India.

The JV, known as Adani Green Energy Twenty Three, has been transferred 205MW of operational solar farms that were acquired by Adani Green Energy from Essel Group and are located in the states of Punjab, Karnataka and Uttar Pradesh. All of the assets have long-term power purchase agreements with various Indian utilities.

“The acquisition of 205MW solar portfolio expands our footprint in states where we already have a presence, and with our strong operational expertise, we will deliver significant value for our shareholders,” said Vneet Jaain, CEO of Adani Green Energy.

Formation of the 50-50 joint venture was announced earlier this year, with France’s Total paying approximately US$510 million for a 50% stake in Adani Group’s solar business.

Total chairman Patrick Pouyanné highlighted the “strong growth” potential that the company sees in India. “Since last year, the group has strengthened its commitment in India with around 5GW of solar projects in the country, in line with its ambition to become a world leader in renewable energies. We are very pleased to further expand our partnership with the Adani Group.”

As part of its ambition to reach net zero by 2050, Total aims to have 35GW of production capacity from renewable sources by 2025. The oil and gas company last month revealed plans to cover all the electricity consumption of its European industrial sites from solar power within five years after securing a development deal for 3.3GW of Spanish solar.

Read Next

June 14, 2021
UK-based solar developer and O&M provider Anesco has been acquired by a joint venture between US private equity firm Ara Partners and Aksiom Services Group.
June 7, 2021
India’s rising renewable power capacity could render the country’s 33GW of coal-fired power plants under construction unviable.
June 4, 2021
A round-up of updates across the US solar sector, including news from developers Tri Global and Leeward, Inovateus, and contractor iSun.
June 3, 2021
Oslo headquartered renewable power producer Scatec has announced a new partnership with ACME to develop a 900MW solar power plant in the state of Rajasthan, India.
June 3, 2021
Danish renewables developer Ørsted has said it plans to invest DKK 350 billion (US$57 billion) by 2027 to reach 50GW of installed clean energy capacity by the end of the decade.
June 1, 2021
BP has secured an agreement to acquire 9GW of US solar projects from developer 7X Energy, a deal it says represents “a significant step” towards the company’s target of growing its net developed renewables capacity to 20GW by 2025.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021