TotalEnergies SE (NYSE:TTE) formed a 50/50 joint venture with Adani Green Energy Limited (AGEL), featuring a 1,150 MWac (1,575 MWp) solar portfolio in Khavda, Gujarat.

AGEL will contribute assets to the joint venture, while TotalEnergies will invest $444 million in equity to support development.

This partnership will boost TotalEnergies’ strategic alliance with AGEL, supporting its goal to become a global renewable energy leader by reaching 50 GW of renewable capacity by 2030.

The solar projects will sell electricity through Power Purchase Agreements (PPAs) with the federal agency Solar Energy Corporation of India (SECI) and via the wholesale market.

AGEL currently operates over 11 GW of solar and wind capacity in India. This transaction positions TotalEnergies to benefit from India’s electricity market liberalization.

The transaction’s signing and completion are subject to AGEL shareholder approval and customary closing conditions, including regulatory approvals.

Last month, TotalEnergies delivered its first 100% biofuel bunker in Singapore, advancing shipping’s decarbonization with UCOME biofuel.

For FY24, the company had reaffirmed net investments of $17 billion-$18 billion, including $5 billion for Integrated Power.

Investors can gain exposure to the stock via First Trust Exchange-Traded Fund IV FT Energy Income Partners Strategy ETF (NYSE:EIPX) and First Trust Exchange-Traded Fund VIII FT Energy Income Partners Enhanced Income ETF (NYSE:EIPI).

Price Action: TTE shares are down 1.20% at $68.17 premarket at the last check Tuesday.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.