Adani Green Energy Limited (AGEL) has entered into a joint venture agreement (JVA) with TotalEnergies Renewables Singapore Private Limited to form Adani Renewable Energy Sixty Four Limited (ARE64L) for a 1,150 MW project. TotalEnergies may make additional investment in ARE64L up to the book value of the projects dependent on project costs and timelines.
AGEL and TotalEnergies will hold an equal 50 percent stake each in ARE64L. Under the agreement, TotalEnergies invested USD 444 million in AGEL’s subsidiary to acquire a 50 per cent stake in its solar projects in Khavda, Gujarat. Both the companies will have equal representation in the company’s board and the Chairman will be nominated by AGEL.
In September 2024, Maharashtra State Electricity Distribution Company Limited (MSEDCL) signed a Letter of Intent (LoI) with AGEL for a long-term power purchase agreement (PPA). The company will supply 5 GW of solar energy from the Khavda solar park to Maharashtra.
