LA DEFENSE (dpa-AFX) - TotalEnergies SE (TTE) and Adani Green Energy Limited (AGEL) Tuesday said they have agreed to an equally owned joint venture, with a 1,150 MWac (1,575 MWp) solar portfolio in Khavda in Gujarat, India.
The electricity generated by the solar projects will be sold through Power Purchase Agreements (PPEs) signed with the federal government agency, Solar Energy Corporation of India (SECI), and in wholesale market.
TotalEnergies intends to take advantage of the ongoing liberalization of the Indian electricity market.
AGEL, owned 19.75 percent by TotalEnergies, will contribute assets to the joint venture, while an equity investment of $444 million by TotalEnergies will be made to support its development.
AGEL is developing the world's largest renewable energy site in the Khavda region spanning over 538 km² with solar and wind capacity of 30 GW. Of this, 2 GW has already been operationalized by AGEL. Once completed, Khavda will generate enough electricity to power the equivalent of 16 million homes in India, TotalEnergies said in a statement.
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