TotalEnergies to contribute 444 mln usd (Il Sole 24 Ore Radiocor) - Paris, 03 Sep - The French energy group TotalEnergies said that it and Adani Green Energy Limited (AGEL) have entered into an agreement to create a new joint venture, equally owned by TotalEnergies and AGEL, with a 1,150 MW solar portfolio in Khavda in Gujarat.

The electricity generated by the solar projects will be sold through power purchase agreements (PPAs) signed with the federal government agency, Solar Energy Corporation of India (SECI), and through sales on the wholesale market.

"This will strengthen TotalEnergies' strategic alliance with AGEL, allowing it to support the company in becoming a global renewable leader as it targets 50 GW of renewable power capacity by 2030. AGEL already operates over 11 GW of solar and wind capacity in India," TotalEnergies said.

AGEL will contribute to the joint venture with assets and TotalEnergies will provide an equity investment of 444 million dollars to support their development.

AGEL is developing the world's largest renewable energy site in the Khavda region. Spanning over 538 square kilometres, the site will boast solar and wind capacity of 30 GW. Of this, 2 GW has already been operationalized by AGEL. Once completed, Khavda will generate enough electricity to power the equivalent of 16 million homes in India.

TotalEnergies has a 19.75% stake in AGEL.

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(RADIOCOR) 03-09-24 10:58:36 (0217) 5 NNNN