Adani Green Energy Limited (AGEL) and TotalEnergies have entered into a formal agreement to form a new joint venture (JV) with a portfolio of 1,050 MW, owned equally by TotalEnergies and AGEL.

This portfolio will include assets that are presently operational (300 MW), under construction (500 MW), and in development (250 MW), with a mix of solar and wind power.

AGEL will contribute assets to the JV, while TotalEnergies will make a $300 million equity investment to help them grow.

TotalEnergies will strengthen its strategic collaboration with AGEL as a result of this new acquisition, assisting the firm in becoming the Indian leader in renewable energy, with a target of 45 GW renewable power capacity by 2030.

Adani Group Chairman,Gautam Adani, said,"We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India's glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030."