Adani Green, IHC arm form JV for RE projects in India

Adani Green Energy Limited (AGEL) has signed a Joint Venture Agreement (JVA) with Minerva Holding RSC Ltd, the renewables platform of EPointZero Holding RSC Ltd, to develop, construct, and operate renewable energy projects in India.

The agreement was executed on April 8, 2026 through Adani Renewable Energy Middle East Ltd, AGEL’s wholly owned subsidiary in the UAE. The joint venture entity, Minerva Renewables Holding RSC Limited, will be jointly owned, with AGEL holding up to a 20% stake and Minerva, wholly owned by EPointZero, holding the majority. Minerva will have the right to appoint up to four directors to the board, while AGEL will nominate one director.

EPointZero is the energy and infrastructure arm of International Holding Company PJSC (IHC Group), an Abu Dhabi-based conglomerate and the largest listed company in the UAE by market capitalisation, exceeding $230 billion. The group has been expanding its exposure to India’s renewable energy sector, and the agreement establishes a project development platform rather than a passive investment.

No details on project pipeline, capacity targets, or financial commitments were disclosed in the exchange filing. The JVA does not qualify as a related party transaction, and neither AGEL nor its UAE subsidiary had any prior shareholding in Minerva.

The partnership indicates continued interest from Gulf-based investors in India’s utility-scale renewable sector. AGEL, which operates one of the country’s largest renewable portfolios, has been pursuing international capital partnerships to support capacity expansion. The JV structure, with shared governance and project-level execution, suggests a longer-term development approach rather than a single investment transaction.

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