French oil giant TotalEnergies has formed a joint venture (JV) with Indian renewables company Adani Green Energy to build over 1GW of solar PV capacity in India.
The companies aim to build the 1,150MW solar PV portfolio in the Khavda region, which is located in the western Indian state of Gujarat.
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Electricity generated by the solar portfolio has been secured through power purchase agreements (PPAs) with the state-owned corporation Solar Energy Corporation of India (SECI) and through the wholesale market.
TotalEnergies will provide an equity investment of US$444 million to support the development of the PV portfolio, while Adani will contribute to the JV with assets.
The recently formed JV will support the Indian renewables company in reaching its target of 50GW of renewable power capacity by 2030. Currently, Adani operates over 11GW of solar and wind capacity in India. A renewables portfolio which grew its capacity by 2.8GW in the financial year leading to March 2024.
The JV aims to build the portfolio in the same region that Adani is currently developing a separate renewable power project. Adani expects this solar PV and wind project to have a combined capacity of 30GW, and earlier this year, the company commissioned 1GW of solar PV capacity at the Khavda site. In December 2023, it secured US$1.36 billion in debt facility to finance 2.1GW of capacity for the project.
Both companies were among the largest utility-scale solar developers globally, during the period between July 2022 and June 2023, according to market research firm Mercom Capital. TotalEnergies boasts a portfolio of over 41GW in different phases—operational, under construction and contracted—taking the first spot ahead of second-placed Adani.
Adani’s solar portfolio comprised of more than 18GW of solar capacity during the reporting period. TotalEnergies owns 19.75% of Adani Green Energy, which it acquired back in 2021.
