On April 8, 2026, at 11:50 p.m. IST, Adani Green Energy Limited (AGEL), India’s largest renewable energy company, signed a Joint Venture Agreement (JVA) with Minerva Holding RSC Ltd to develop utility-scale renewable energy infrastructure in India. Executed through AGEL’s wholly owned subsidiary, the partnership establishes a dedicated platform to accelerate the construction and operation of clean energy assets, supporting the country’s long-term decarbonization goals.
Deal Structure and Entities
The joint venture involves a strategic alignment between the following corporate entities and equity distributions:
- Investment Entity: Adani Renewable Energy Middle East Ltd (AGEL UAE), a wholly owned subsidiary of AGEL.
- Partner Entity: Minerva Holding RSC Ltd, which is wholly owned by EPointZero Holding RSC Ltd. EPointZero serves as the energy and infrastructure arm of Two Point Zero Group PJSC, a subsidiary of International Holding Company PJSC (IHC Group).
- Joint Venture Name: Minerva Renewables Holding RSC Limited.
- Equity Stake: AGEL UAE holds an interest of up to 20% in the new entity, while Minerva Holding maintains a majority ownership of 80%.
- Contextual Data: The IHC Group, based in Abu Dhabi, is the largest listed company in the UAE with a reported market capitalization exceeding USD 230 billion.
Governance and Board Composition
The management and strategic supervision of the joint venture and its subsidiaries are governed by a board of directors with specific representation rights:
- Minerva Representation: The right to appoint up to four directors.
- AGEL Representation: The right to nominate one director.
The board is tasked with overseeing the operational strategy, project supervision, and management of the venture’s various renewable energy subsidiaries.
Project Scope and Operational Focus
The platform is dedicated to the development, construction, and operation of utility-scale renewable energy projects across India. The partnership leverages AGEL’s existing operational footprint, which currently spans 12 Indian states with a total operational portfolio of 19.3 GW. The operational scope for new assets under this venture includes:
- Solar energy systems
- Wind energy systems
- Hybrid wind-solar energy systems
Regulatory Status
The execution of the Joint Venture Agreement was officially disclosed in a formal regulatory intimation filed with BSE Limited and the National Stock Exchange of India Limited (NSE).
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