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.
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“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.