NEW DELHI, NNA – Major Indian renewable energy producer Adani Green Energy Ltd. (AGEL) will establish a solar power joint venture with France’s Total S.A. to cash in on growing electricity demand in Asia’s third-largest economy.
The Indian company has received 37.07 billion rupees ($488 million) from Total to form the equally owned joint venture, which will take over solar power projects across 11 states with electricity generation capacity of 2.148 million kilowatts from AGEL, it said in a press release on Tuesday.
The Indian firm, headquartered in Ahmedabad in the western state of Gujarat, has a current project portfolio of six million kw, including plants under construction, the statement said.
Adani Green Energy aims to boost its output capacity to 25 million kw in its efforts to become the largest solar power producer in the world by 2025 and also the biggest in the global renewable energy field by 2030, according to the statement.
Prime Minister Narendra Modi’s government is targeting 175 million kw of renewable energy capacity by 2022.