Adani Green Energy and TotalEnergies have formed a joint venture with a $300 million investment to generate 1,050 MW of energy. Both companies hold an equal 50% stake in the project, as stated in a regulatory filing by Adani Group. The collaboration aims to make AGEL India’s leading renewable energy provider by 2030, with TotalEnergies support.
Earlier this year, a speculative report of the Hindenburg led to a significant decline in the Adani Group’s stocks. The group lost more than $140 billion in a matter of days, and the cancellation of a ₹20,000 crore share sale in the group’s flagship. The Gautam Adani-led group dismissed the report as “unresearched” and “maliciously mischievous.”
Adani Green has emerged as India’s biggest renewable energy company and is committed to achieving its net-zero target by 2050. As per official filing, the company aims to attain 45 GW of renewable energy capacity by 2030. Gautam Adani stated: “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.”
Since the Hindenburg report alleging stock price manipulation, no substantial foreign investment has notably added to the Adani Group. However, TotalEnergies currently holds a 20% stake in the Adani group, and their recent significant investment will significantly contribute towards achieving the goal of net zero carbon emissions by 2030.
TotalEnergies’ CEO, Mr. Patrick Pouyanne, stated “TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market… this new joint-venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of AGEL in becoming the Indian leader of renewable energy”.
The companies aim for a long-term business relationship through the joint venture, eventually initiating the mission 2023 of decarbonizing power generation. The Adani Green Energy Limited platform generates green renewable energy through Solar and wind power. The company develops, operates, and maintains solar and wind farm projects and aims to meet the sustainability goals of India.
The Green Energy Mission 2030 is now a mandatory milestone to achieve sustainability goals that PM Modi, during the G20 summit, made Earth a mission as he expressed, “One Earth, One Mission, One Future.”
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