Adani Green unit enters JV with UAE-backed Minerva for India renewables, to hold up to 20% stake

Ahmedabad — Adani Green Energy Limited said its subsidiary, Adani Renewable Energy Middle East Ltd, has signed a joint venture agreement with Minerva Holding RSC Ltd to develop renewable energy projects in India. The agreement, executed on April 8, 2026, establishes a new entity, Minerva Renewables Holding RSC Limited, for project development, construction and operations in the country.

Under the terms, Adani’s subsidiary plans to invest for up to a 20 percent equity stake in the joint venture. Both partners will hold equity in the new entity, and neither party holds shares in each other’s existing businesses, the companies said. The governance structure gives Minerva the right to appoint up to four directors to the joint venture’s board, while Adani Green will appoint one director.

The board will oversee strategy and supervise the joint venture and its subsidiaries. Minerva is wholly owned by EPointZero Holding RSC Ltd, which is part of International Holding Company PJSC, a UAE-listed firm with a market capitalization exceeding 230 billion US dollars, according to the disclosure.

Adani Green described the arrangement as part of its strategy to expand its renewable portfolio through partnerships. The venture will focus on developing and operating clean energy assets in India as the sector grows. The involvement of a UAE-backed investor reflects ongoing cross-border interest in India’s energy transition, while providing a framework for collaboration that combines international capital with local project execution.