TotalEnergies and Adani Green Energy Limited (AGEL) have agreed to create a new equally owned joint venture (JV) that holds a 1,050MWac (1400MWp) renewable portfolio.

The portfolio includes a combination of 300MWac operational, 500MWac under construction and 250MWac under development assets, comprising both solar and wind power.

AGEL will contribute renewable assets to the JV, and TotalEnergies will make a $300m equity investment in the JV, to further support the development of its assets.

The transaction is expected to be completed subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.

TotalEnergies chairman and CEO Patrick Pouyanné said: “TotalEnergies has been actively developing, notably through AGEL, its presence in the Indian renewable power market, a very interesting market by its size and growth and the early development of a merchant market.

“After our first joint venture AGEL23 in 2020 and our acquisition of shares in AGEL in 2021, this new joint venture with AGEL will enable us to speed up our development through direct access to a large portfolio of assets and to support the ambition of AGEL in becoming the Indian leader of renewable energy.”

The announcement follows months after Hindenburg’s report alleging Adani’s stock manipulation and accounting fraud.

TotalEnergies said that the transaction will strengthen its strategic alliance with AGEL and help achieve 45GW renewable capacity by 2030, to become a top renewable energy in India.

AGEL is a renewable energy company of the Indian conglomerate Adani Group, with 20.4GW across operational, under-construction, awarded and acquired assets.

The company is engaged in developing, constructing, owning, operating, and maintaining utility-scale grid-connected solar and wind farm projects.

Adani Group chairman Gautam Adani said: “We are delighted to extend our long-term partnership with TotalEnergies in AGEL. The investment will further strengthen the pivotal role played by AGEL in India’s glide path to decarbonization. This will help deliver our vision to have 45 GW renewable energy capacity by 2030.”