09:24 AM EDT, 09/03/2024 (MT Newswires) -- TotalEnergies (TTE) said Tuesday it has signed an agreement with Adani Green Energy to form a joint venture with a 1,150 megawatt alternating current solar portfolio in Gujarat, India.

The companies will equally own the new venture, TotalEnergies said.

Adani Green will contribute assets to the JV, while TotalEnergies will provide an equity investment of $444 million, according to TotalEnergies.

The companies will sell the electricity generated by the solar projects through power purchase agreements with federal government agency Solar Energy Corporation of India and through sales on the wholesale market, TotalEnergies said.

The transaction requires the approval of Adani Green shareholders and is subject to customary closing conditions, TotalEnergies added.

TotalEnergies shares were 2% lower in recent premarket activity.

Price: 67.59, Change: -1.41, Percent Change: -2.04