TotalEnergies and India’s Adani Green Energy Limited (AGEL) have announced a new joint venture, equally owned by both companies, to develop a 1,150 MWac solar portfolio in Khavda, Gujarat (India).
The solar projects will sell electricity through Power Purchase Agreements (PPAs) with the Solar Energy Corporation of India (SECI) and on the wholesale market. This initiative allows TotalEnergies to leverage the ongoing liberalisation of the Indian electricity market.
This partnership will enhance TotalEnergies’ strategic alliance with AGEL and support AGEL’s goal of becoming a global leader in renewable energy with a target of 50 GW of renewable power capacity by 2030. AGEL already operates over 11 GW of solar and wind capacity in India.
AGEL will contribute assets to the joint venture, while TotalEnergies will invest $444 million to support development. The transaction is pending approval from AGEL’s shareholders and fulfillment of customary closing conditions, including regulatory approvals.
AGEL, with a 19.75% stake held by TotalEnergies, is developing the world’s largest renewable energy site in Khavda, Gujarat. Covering over 538 km²—five times the size of Paris—the site will have a total solar and wind capacity of 30 GW, with 2 GW already operational. Once completed, Khavda will generate enough electricity to power approximately 16 million homes in India.