Total enters Indian solar and wind market with $300 million investment

2023-09-22 09:35:50

Total invests $300 million in Adani Group subsidiary to enter Indian solar and wind market

French energy group TotalEnergies and India's Adani Green Energy Limited have agreed to set up a joint venture to operate 1.05 GW of solar and wind power assets in India,

foreign media reported.

The French company said in a statement released today that as part of the deal, The French company will invest $ 300 million ( 280.3 million euros ) for a 50% stake in a portfolio of assets offered by Adani Green.

The target portfolio consists of 300 MW of operating assets , 500 MW of projects under construction and 250 MW of projects under development.

The new deal builds on the existing partnership between the two companies, following the signing of their first joint venture agreement in 2020, with TotalEnergies making an equity investment in the green energy business of Indian conglomerate Adani Group in 2021.

TotalEnergies further pointed out in the statement that the latest agreement will advance the company's strategic goal of having 45 GW of renewable energy generation capacity in India by 2030.

The French energy group is ramping up its push into renewable energy. Earlier today, the company also announced a partnership with energy companies in Denmark to jointly develop, build and operate at least 4G W of onshore renewable energy.

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