PARIS: French firm TotalEnergies and Indian group Adani unveiled plans on Wednesday to create a joint venture to develop wind and solar electricity production in India.
The joint venture will include wind and solar assets that Adani Green Energy Ltd. (AGEL) already operates, and is building and developing in India, while TotalEnergies will make an equity investment to further support their development.
Adani Group Chairman Gautam Adani said the investment by TotalEnergies “will further strengthen the pivotal role played by AGEL in India’s glide path to decarbonization.”
The company has 20.4 gigawatts (GW) of renewable electricity production in operation and development, and plans to expand this to 45 GW by 2030.
TotalEnergies chief executive Patrick Pouyanne said the joint venture “will enable us to speed up our development through direct access to a large portfolio of assets.”
It will also “support the ambition of AGEL in becoming the Indian leader of renewable energy,” he added.
The French oil and gas giant has also been rapidly developing renewable electricity production, with 19 GW of installed gross production capacity as of July 2023.
It aims to expand this to 35 GW by 2025 and 100 GW by 2030.