Adani Green arm signs pact with UAE firm for India renewables

• Adani Green arm signs JV with UAE-based Minerva
• Focus on renewable projects across India
• Strengthens global partnerships in clean energy sector

Adani Green Energy has disclosed that its fully-owned subsidiary, Adani Renewable Energy Middle East (AGEL UAE), has partnered with UAE-based Minerva Holding RSC in a joint venture agreement for the development of renewable energy projects in India, thereby supporting its plan of using global collaborations for the extension of clean energy capacity.

As a result of the joint venture, a new company has been created Minerva Renewables Holding RSC Limited which will be the main vehicle for the development, construction, and operation of renewable energy projects throughout India. EPoint Zero Holding RSC Ltd, a group of International Holding Company (IHC), which is among the largest publicly traded companies in the UAE, supports the partnership.

According to the joint venture setup, Adani Green's UAE subsidiary will retain as much as a 20% shareholding, signaling a strategic yet cautious investment move. In terms of the management of the newly formed company, the board will be composed of directors from both associates, with Minerva holding the right to appoint the majority of directors, whilst Adani Green will nominate one, thus enabling joint control of the operations and long-term plan.

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The partnership is aimed at leveraging Adani Green's expertise in the Indian renewable energy market operation, while at the same time, tapping on their UAE partner's financial muscle and worldwide network. The joint venture will be involved in increasing the renewable capacities, especially the solar and wind energy projects to aid India's clean energy drive, which is the most ambitious one in the world.

Strategically, the move mirrors a rising pattern of international cooperation in renewable energy where world financial resources and local project implementation capabilities are coming together to speed up the progress of project deployment.

As for Adani Green, the transaction will enhance its international network of partnerships and at the same time, it will be a stepping stone in achieving its renewal energy capacity expansion goal in one of the fastest-growing energy markets of the world.

In general, the deal has put the spotlight on the growing interest of global investors in India's clean energy sector and has emphasized the role that international partnerships play in driving large-scale renewable infrastructure development.