Adani Green Energy announces strategic 50:50 JV with TotalEnergies to manage a portfolio of solar projects totalling 1,150 MW

Adani Green Energy said the projects are located at the renewable energy plant in Khavda, Gujarat. AGEL will contribute its current assets to the new JV, while TotalEnergies plans to inject $444 million to accelerate the development of these projects, the firm said.

The electricity generated from the 1,150 MW solar projects will be sold through power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI), and through sales on the wholesale market.

AGEL said it has already operationalised a cumulative capacity of 2,250 MW solar and wind energy at the Khavda site. “Once completed, the plant will supply affordable clean energy to over 16 million homes in India, generate over 15,200 green jobs and avoid about 58 million tons of CO2 emissions annually,” the firm said.

AGEL develops, owns, and operates utility scale grid-connected solar, wind, hybrid and hydro pumped storage renewable power plants. AGEL currently has an operating renewable portfolio of 11.2 GW, spread across 12 states, and has set a target of achieving 50 GW portfolio by 2030.

During the first quarter of fiscal year 2025, revenue from power supply grew 24% year-on-year (YoY) to ₹2,528 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 23% YoY to ₹2,374 crore while EBITDA margin improved to 92.6%. During the quarter, the firm expanded its operational capacity by an impressive 31% YoY to 10,934 MW, with greenfield additions, including 2,000 MW of solar capacity in Khavda, 418 MW of solar capacity in Rajasthan and 200 MW of wind capacity in Gujarat.

Shares of the company have risen by over 19% since the beginning of the year. The stock has gained over 99% in the last one year.