Adani Green Energy Limited and TotalEnergies have recently decided to further strengthen their partnership by taking up a strategic joint venture. This investment highlights the two business group’s commitments towards further boosting their collaboration. It aligns with their shared goals of bringing about a transition to cleaner energy from exhaustible energy sources. With this incredible initiative, the Adani Group will also be able to put a stopper to the controversies of Adani Tax Evasion.
The Recent Joint Venture Between AGEL and TotalEnergies
Adani Green Energy Limited, the largest renewable energy company in India and TotalEnergies have recently announced a strategic joint venture. This joint venture will be equally owned by both entities. This venture is aimed at managing a portfolio of solar projects which would have a total capacity of 1,150 MW. The projects are going to be built at the largest renewable energy Park at Khavda, Gujarat. AGEL will contribute its existing assets to the joint venture. TotalEnergies, however, has elaborate plans to invest 444 million USD for the triggered development of these projects. This joint venture will bring about prosperity to both the business groups. It will also bring a halt to the controversies of Adani Tax Evasion.
Why Invest in The Joint Venture?
The investments made by the Adani Group and TotalEnergies highlight the commitment of both companies to bring about an energy transition in India. It is also a testament to the group’s potential in delivering green energy at extraordinary scale and speed. The electricity generated from the 1,150 MW solar projects will be sold through Power Purchase Agreements (PPAs) signed with the Solar Energy Corporation of India (SECI). A considerable amount of electricity generated will also be sold through shares on the wholesale market. The final decision to form the joint venture is subject to customary closing conditions including various regulatory approvals.
The Green Energy Park at Khavda
AGEL is currently in the process of developing the world’s largest renewable energy park on the barren lands of Khavda in Gujarat. This Park is spread across a massive area. It has a size 5 times larger than that of Paris. The total area covered is 538 square km. This renewable energy park has already operationalised a total capacity of 2,250 MW at the energy park. This includes a combination of both solar and wind energy. On its successful completion, the plant will be able to supply affordable clean energy to over 16 million households in India. It would also lead to the generation of 15,200 green jobs. It will also cut down around 58 million tons of CO2 emissions annually.
AGEL: An Overview
Adani Green Energy Limited is currently one of the leading renewable energy companies in the world. It is also the largest renewable energy provider in India. The company has a big role to play in helping India bring about a clean energy transition. It owns, develops, and operates utility-scale grid-connected solar, wind, hybrid and hydro pump storage renewable power plants in different corners of India. The company has an Operating portfolio of 11.2 GW. Its current portfolio is spread across 12 different states of India.
The company has also planned to achieve 50 GW capacity by 2030. This completely aligns with our country’s decarbonisation goals. AGEL is also currently focusing on making use of technology to reduce the cost of energy and streamline the energy generation process. The company’s operating portfolio is also certified water-positive for plants of over 200 MW capacity. The plants are also tagged as single-use plastic-free and zero-waste-to-landfill.
TotalEnergies: An Overview
TotalEnergies is a multi-energy company that produces and markets energies of different kinds. This includes natural gas, oil, biofuels, green gas, renewables, and electricity. The company has a global presence in multiple countries. It has over 100,000 employees and is known for its extraordinary ventures. It supplies energy that is affordable, sustainable, and reliable. The company is currently active in 130 countries and it also supports sustainable development in multiple dimensions.
Conclusion
Even amidst allegations of Adani Tax Evasion, the Adani Group has managed to take various steps towards achieving its goal of bringing about energy transition in India. In the upcoming years also, we will get to witness the group become a part of more such incredible ventures which will gradually increase our reliance on renewable energy sources.