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TotalEnergies invests $300m in green power JV with Adani Group

French energy giant TotalEnergies is set to invest $300 million in a 50-50 joint venture with Adani Green Energy to produce solar and wind power in India. This marks TotalEnergies' first partnership with the Adani Group since allegations of financial irregularities led to a significant stock sell-off. The new entity is poised to generate 1,050 megawatts of power, a substantial contribution to India's renewable energy landscape. Adani Group Chairman Gautam Adani emphasized that Total Energies' new investment will bolster Adani Green Energy Limited's pivotal role in India's journey towards decarbonization. The Adani Group aims to achieve a remarkable 45 gigawatts of renewable energy by 2030.
Total Energies had already acquired a 20% stake in Adani Green Energy in 2021 for $2 billion, highlighting its commitment to India's green energy transition. Their engagement with the Adani Group extends to various sectors, including its investment in Adani Gas (later renamed Adani Total Gas) and plans to invest $70 billion over the next decade in green energy ventures, aligning with the Indian government's efforts to reduce fossil fuel dependence.
Total Energies previously agreed to buy a 25% stake in Adani New Industries for green hydrogen manufacturing, the company's CEO, Patrick Pouyanne, recently distanced the firm from the deal, awaiting the results of an audit regarding allegations made by short-seller Hindenburg Research. Overall, this joint venture signifies Total Energies' active participation in India's growing renewable power market and Adani Green Energy's ambition to lead the nation's renewable energy sector, marking a significant step towards a sustainable energy future.

Do you agree?

33 more agrees trigger contact with the recipient

  • dickson mutai

    39 w

    Despite past irregularities, this collaboration signifies a renewed commitment to sustainable energy production...

    • Elizabeth Gathigia

      39 w

      A good move

      • Saustine Lusanzu

        39 w

        Impressed to see their efforts to heal the broken planet

        • Rashid Kamau

          39 w

          Going forward, the oil and gas industry should increase the adoption of zero-carbon sources.

          • john linus Tom

            39 w

            This sounds good 👍

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