Abu Dhabi backs Adani’s green buildout

Abu Dhabi’s 2PointZero Group has moved deeper into the renewable energy market in India through a new joint venture between its subsidiary ePointZero RSC and Adani Green Energy, extending a relationship between the two business groups and underscoring continued Gulf interest in large-scale clean power assets on the subcontinent. The venture will be executed through Minerva Holding, ePointZero’s renewable development platform in India, according to statements published on April 9.

The agreement comes at a time when India is trying to accelerate clean energy deployment at industrial scale, with the government working towards 500 gigawatts of non-fossil power capacity by 2030. Official data showed the country crossed 250 GW of non-fossil installed capacity in 2025 and reached the point where half of cumulative installed power capacity came from non-fossil sources five years ahead of its formal 2030 target. That policy backdrop has made the market more attractive to long-term investors seeking exposure to solar, wind, hybrid and storage-linked opportunities.

For 2PointZero, the deal fits a broader strategy of building exposure to energy and consumer sectors through a large, AI-enabled investment portfolio. The company describes itself as a next-generation investment platform with total assets of AED 134 billion, while corporate material released after its 2025 merger highlighted Minerva as an India-based renewables vehicle expected to scale sharply over time. A 2PointZero executive said in November 2025 that the group was already looking at additional Asian transactions alongside existing Adani-related renewable agreements in India.

For Adani Green, the partnership adds another international capital relationship as it pushes ahead with one of the world’s largest renewable expansion programmes. The company said this month it had delivered on a 5 GW capacity-addition commitment in FY26, lifting its operational portfolio to 19.3 GW. Earlier company updates had shown operational capacity at 16.7 GW in the first half of FY26 and 17.2 GW over the first nine months, indicating a brisk pace of commissioning as it works towards its longer-term 50 GW ambition.

Neither side, in the material available on Thursday, disclosed the financial size of the new venture or the immediate pipeline of projects to be developed under Minerva. That leaves open important questions over capital commitments, the split between solar and wind, the role of battery storage, and whether the platform will focus on greenfield developments, acquisitions or a mix of both. Even so, the structure suggests the Abu Dhabi side is seeking a development-led route into the market rather than merely taking a passive minority stake in operating assets.

The tie-up also reflects the way Gulf capital has continued to find a place in Adani’s energy ecosystem despite periods of scrutiny around the broader conglomerate. In 2021, TotalEnergies agreed a $2.5 billion investment in Adani Green and related solar assets, while in 2023 the French major said it would invest $300 million in a joint venture with the company to build renewable capacity in India. Separately, Abu Dhabi’s International Holding Company had earlier announced a roughly $2 billion investment across Adani’s green-focused businesses. The latest agreement indicates that overseas partners still see scale, land access, execution capability and policy momentum as strong enough to justify fresh commitments.

That optimism is supported by the wider market outlook, although it is not without constraints. The International Energy Agency said in its 2025 renewables outlook that India’s forecast had been revised upward by almost 10%, helped by record auction volumes for onshore wind and utility-scale solar, quicker permitting for some projects and policy support for rooftop systems. At the same time, the agency has pointed to regulatory and market shifts that can alter the pace of renewable buildout, a reminder that the sector remains sensitive to transmission bottlenecks, land acquisition issues, tender design and equipment supply chains.