Adani Green Energy Forms Strategic Venture for Indian Renewable Projects

Adani Green Energy's subsidiary partners with Minerva Holding to develop renewable energy projects in India. The joint venture with EPointZero Holding, owned by the International Holding Company, will see AGEL UAE acquire up to a 20% stake in Minerva Renewables. Both parties will appoint directors to oversee operations.

On Thursday, Adani Green Energy announced that its subsidiary, Adani Renewable Energy Middle East Ltd (AGEL UAE), has entered into a joint venture agreement with Minerva Holding RSC to initiate renewable energy projects in India.

As per the regulatory filing, EPointZero Holding RSC Ltd, an arm of the International Holding Company PJSC (IHC Group), will collaborate with Adani Green Energy Ltd for the development, construction, and operation of these projects. Minerva is completely owned by EPointZero, reinforcing the partnership's strength.

Notably, IHC Group is a powerhouse in the UAE with a market cap exceeding USD 230 billion. According to the joint venture terms, AGEL UAE will secure up to a 20% stake in Minerva Renewables Holding RSC, with Minerva holding the privilege to appoint four directors and Adani Green Energy appointing one director.