Adani Green Energy has announced a joint venture between its UAE arm, AGEL UAE, and Minerva Holding to develop and operate renewable energy projects in India.
Adani Green Energy has informed exchanges that its wholly-owned subsidiary, Adani Renewable Energy Middle East Ltd (AGEL UAE), has entered into a joint venture agreement with Minerva Holding RSC Ltd.
The agreement, signed on April 8, 2026, is for the formation of a joint entity named Minerva Renewables Holding RSC Limited (JVCo).
The JV will focus on development, construction and operation of renewable energy projects in India.
Minerva is fully owned by EPointZero Holding RSC Ltd, which is part of International Holding Company (IHC Group), one of the largest listed companies in the UAE.
As per the agreement, AGEL UAE will invest in the JVCo and may hold up to a 20% stake. Both AGEL UAE and Minerva will be shareholders in the new entity.
In terms of control, Minerva will have the right to appoint up to four directors on the board, while Adani Green will appoint one director. The board will oversee strategy and operations of the JV and its subsidiaries.
The partnership signals continued UAE investment interest in India’s renewable energy sector.
