TotalEnergies, AGEL Ink JV for Over 1 GW of Solar Project in India

Core Viewpoint - TotalEnergies SE has entered a joint venture with Adani Green Energy Limited to develop a 1,150 MWac solar portfolio in Gujarat, India, with an equity investment of $444 million from TotalEnergies [1][2][3]. Group 1: Joint Venture Details - The joint venture will be equally owned by TotalEnergies and Adani Green Energy Limited, focusing on a solar portfolio in Khavda, Gujarat [1]. - Adani Green will supply assets to the joint venture, while TotalEnergies will provide financing [2]. - The electricity generated will be sold through power purchase agreements with the Solar Energy Corporation of India and on the wholesale market [3]. Group 2: Growth Prospects in India - India's renewable energy market is expected to add 25 GW of capacity in 2024, positioning it as the second-largest renewables growth market in Asia [4]. - India aims to achieve 500 GW of installed renewable energy capacity and 50% of cumulative electric power from clean sources by 2030 [4]. - TotalEnergies currently holds approximately 19.75% of Adani Green's capital and has previously formed joint ventures with Adani Green for renewable projects [5]. Group 3: TotalEnergies' Renewable Energy Strategy - TotalEnergies is focused on expanding its renewable energy portfolio to reach net zero by 2050, combining various energy sources [7]. - The company had an installed gross renewable power capacity of 22 GW at the end of 2023, with plans to increase this to 35 GW by 2025 and over 100 TWh of net electricity by 2030 [8]. - The recent joint venture is expected to strengthen TotalEnergies' position in the growing renewable energy market [8]. Group 4: Industry Context - Other companies like BP, ExxonMobil, and Equinor are also increasing their renewable energy operations and reducing emissions [9][11][12]. - BP plans to develop 50 GW of net renewable energy capacity by 2030 and reduce emissions from operations by 30-35% [9]. - ExxonMobil aims for net-zero emissions by 2050 and is investing in emission-reduction projects [11].