Adani Green Energy Limited’s subsidiary, Adani Renewable Energy Middle East Ltd (AGEL UAE), has signed a joint venture agreement with Minerva Holding RSC Ltd. The partnership focuses on the development, construction, and operation of renewable energy projects in India. As part of the deal, AGEL UAE will hold a stake of up to 20% in the newly formed joint venture company, Minerva Renewables Holding RSC Limited.
Strategic Partnership for Renewable Growth
Adani Green Energy Limited has announced a major strategic expansion through its subsidiary, AGEL UAE. The company has formalized a Joint Venture Agreement with Minerva Holding RSC Ltd, an entity wholly owned by EPointZero—the energy and infrastructure arm of the International Holding Company (IHC Group). The IHC Group is the largest listed company in the UAE, boasting a market capitalization exceeding US$ 230 billion.
JV Objectives and Operational Structure
The primary purpose of this collaboration is to accelerate the development, construction, and operation of renewable energy projects within India. Under the terms of the agreement, AGEL UAE will secure up to a 20% interest in the new joint venture entity, Minerva Renewables Holding RSC Limited.
Governance and Board Composition
The operational oversight of the new entity will be managed by a designated board of directors. The agreement provides Minerva with the right to appoint up to 4 directors, while Adani Green Energy Limited retains the right to appoint 1 director. The board will be responsible for setting the strategic direction and providing ongoing supervision for the joint venture and its future subsidiaries.
Independence of Parties
The company has confirmed that this transaction does not involve any related party interests. Minerva is not affiliated with the promoter group of Adani Green Energy Limited, and the arrangement is conducted as an arm’s length transaction.
Source: BSE
