(Reuters) – TotalEnergies announced on Wednesday an investment of 300 million dollars (around 280 million euros) in a joint venture in renewable energies owned equally with Adani Green Energy Limited (AGEL), a subsidiary of the Indian conglomerate Adani .
The joint venture will have a total renewable portfolio of 1,050 MWac, both solar and wind, including operational assets, under construction and development, the group said in a statement.
The joint venture “will not only accelerate our development with direct access to a large portfolio of assets, but also contribute to AGEL becoming the Indian leader in renewable energies,” declared the CEO of TotalEnergies, Patrick Pouyanné, quoted in the press release.
This is the first agreement concluded by TotalEnergies and Adani since the turmoil faced by the Indian group following accusations of accounting fraud at the start of the year.
The French group said last February that it had “limited” exposure to the conglomerate’s difficulties.
(Written by Stéphanie Hamel, edited by Blandine Hénault)
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