TotalEnergies Partnering With Adani & European Energy

• TotalEnergies has announced plans to launch renewable energy JVs in India and elsewhere
• With AGEL, it will create a 50:50 JV for 1.05 GW AC solar and wind capacity in India
• With European Energy, the proposed JV will explore a minimum of 4 GW onshore renewables across various markets

France-headquartered global energy group TotalEnergies is expanding its renewable energy footprint in partnership with India's Adani Green Energy Limited (AGEL) and Denmark-based European Energy. With both these entities, it plans to launch GW-scale wind and solar energy joint ventures (JV).   

With AGEL, it has entered into a binding agreement to create a new 50:50 JV with a portfolio of 1.4 GW DC/1.05 GW AC. It will comprise 300 MW AC of operational assets along with 500 MW AC under construction capacity and 250 MW AC assets under development.   

While TotalEnergies will bring its financial prowess to the JV with $300 million in equity investment, AGEL will be responsible for contributing assets to the JV. The latter has a project portfolio of over 20 GW.  

This isn't the 1st JV between the 2 partners as it follows a similar effort in 2020 when the duo set up a JV for over 2 GW solar energy. They followed it up with the French company acquiring a 20% stake in AGEL.   

TotalEnergies Chairman and CEO Patrick Pouyanné said, "TotalEnergies is actively developing, particularly through AGEL, its presence in the Indian renewable energy market, a very interesting market both in terms of its size and growth but also in terms of recent development of a liberalized market."   

TotalEnergies has also found a partner in European Energy with whom it will jointly develop, build and operate a minimum of 4 GW onshore renewable energy projects across multiple geographies, including Spain (see Oil Major To Build 3 GW Solar In Spain).    

European Energy touts owing over 1.4 GW of renewable energy capacity and more than 60 GW capacity in the pipeline in 28 nations. It operates in the space of solar and wind energy using which it develops Power-to-X solutions.    

With a 65% share in the JV, TotalEnergies will bring in its experience of construction and operation of large-scale projects and capability to market offtake in merchant countries, along with financial ability. European Energy will hold the remaining 35% share with its experience in developing greenfield projects. 
Senior Vice President, Renewables at TotalEnergies, Vincent Stoquart stated, "We are delighted to enter into this agreement with European Energy which has developed a portfolio of asset in merchant countries such as Spain where TotalEnergies is already active, and which will enable us to accelerate our profitable growth."  

As it targets to grow its gross installed renewable energy capacity from 19 GW at the end of July 2023 to 35 GW by 2025, before scaling up to 100 GW by 2030, TotalEnergies is opting for local partnerships in various geographies like the US and Brazil, among other regions (see TotalEnergies & Casa Dos Ventos Launch Brazilian JV).