Adani Green Energy Limited (AGEL) has entered into a Joint Venture Agreement (JVA) with Minerva Holding RSC Ltd, a renewable energy platform owned by EPointZero Holding RSC Ltd, to develop, construct, and operate renewable energy projects in India. The agreement was executed on April 8, 2026, through AGEL’s wholly owned subsidiary, Adani Renewable Energy Middle East Ltd (AGEL UAE).
The partnership will establish a new entity, Minerva Renewables Holding RSC Limited, which will act as a dedicated platform for executing renewable energy projects across the country.
Ownership and Governance Structure
According to the agreement, AGEL UAE will own up to 20% of the joint venture, while Minerva, which is completely owned by EPointZero, will own the rest. Both companies will put money into the new company.
The governance structure provides Minerva the right to appoint up to four directors on the board, while AGEL will nominate one director. The board will oversee the operations and strategic direction of the joint venture and its subsidiaries.
The companies clarified that “neither AGEL nor its UAE subsidiary currently holds any shares in Minerva,” and the transaction “does not qualify as a related party transaction.”
Strategic Platform for Renewable Expansion
The JV has been structured as a long-term project development platform rather than a one-time investment. Its scope includes the full lifecycle of renewable energy projects, covering development, construction, and operations.
While the agreement outlines the ownership and governance framework, “no details on project pipeline, capacity targets, or financial commitments have been disclosed” in the exchange filing. Additionally, there were “no disclosures on share pricing or class of shares.”
Backed by UAE-Based Energy Major
Minerva is backed by EPointZero Holding RSC Ltd, part of International Holding Company PJSC (IHC Group), an Abu Dhabi-based conglomerate with a market capitalisation exceeding $230 billion. The group has been actively expanding its presence in India’s renewable energy sector.
Growing Interest from Global Investors
The Adani-Minerva JV highlights growing confidence among Gulf investors in India’s rapidly expanding renewable energy sector. Backed by shared governance and long-term execution plans, the partnership is expected to support large-scale clean energy development across the country.
Through this JV, Adani Green Energy aims to strengthen its renewable energy expansion strategy while leveraging international investment and expertise to accelerate India’s clean energy transition.
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