According to sources, TotalEnergies of France is close to investing $300 million in a new joint venture company with Adani Green Energy that will house approximately 1 GW of renewable energy projects.

As per the sources, the joint venture will be equally owned by the two companies and will hold a mix of solar and wind power assets. The assets will include 250 MW of operational capacity, 500 MW of facilities under construction, and 250 MW of planned projects.

The development represents a shift in the French energy major's stance since it halted a $4 billion green hydrogen project with the Adani Group in February following the publication of a report on the group by Hindenburg Research.

While TotalEnergies will contribute $300 million in equity to the project, Adani Green will contribute renewable energy assets, according to the people, who asked not to be identified because the matter is private. TotalEnergies will also contribute 50% of the required capital investment for the 750 MW of under-construction and future assets.