Adani Green Energy, part of the Gautam Adani-led group, on Wednesday announced a new joint venture (JV) with France’s TotalEnergies to house a 1,050-megawatt (Mw) green portfolio. The French energy giant would invest $300 million in this 50:50 JV.

While this is the third instance of TotalEnergies investing in or partnering with Adani Green, it is the first since the release of a report by US short-seller Hindenburg Research in January accusing the Adani group of corporate misconduct.

In an announcement to exchanges, Adani Green stated that its board had approved the execution of a binding term sheet with Adani Green Energy Twenty Three Limited (AGE23L) and TotalEnergies. “Adani Green will contribute the assets and TotalEnergies an equity investment of $300 million to further support their development,” said Adani Green in a press statement.

The JV will consist of a mix of operational (300 Mw), under-construction (500 Mw), and under-development (250 Mw) assets — both solar and wind power. Adani Green’s overall project portfolio currently stands at 20,434 Mw.

Patrick Pouyanné, chairman and chief executive officer for TotalEnergies, said: “This new JV will enable us to accelerate our development through direct access to a large portfolio of assets and support Adani Green’s ambition of becoming the Indian leader in renewable energy.”

The term sheet executed on Wednesday also outlines modifications to investment terms in AGEL23, a JV in which both companies currently hold equal stakes.

The latest development follows a previous arrangement in February 2020 where TotalEnergies invested $510 million to acquire a 50 per cent stake in a JV that housed 2,148 Mw of solar projects then fully owned by Adani Green. The venture was expanded in October of the same year, with Adani Green transferring another 205 Mw of operating solar assets for an enterprise value of Rs 1,632 crore. In 2021, the French company acquired a 19.75 per cent stake in Adani Green.