India’s Adani Green Energy announced that its board has approved agreements for a TotalEnergies affiliate to invest $444 million in a new joint venture with the company. This follows a previous $300 million deal between Adani Green and the French oil major to expand renewable energy capacity in India, where coal remains the primary energy source. The joint venture will include Adani Green, Adani Renewable Energy Sixty Four, and TotalEnergies Renewables Singapore, with each company owning a 50% stake.
While Adani Green did not disclose its financial commitments to the joint venture, the partnership will manage a portfolio of 1,150 MW of electricity, consisting of both operational and under-execution solar assets. TotalEnergies, along with its affiliates, currently holds nearly a 20% stake in Adani Green.