AGEL–Minerva JV Signals Rising Gulf Investment in India’s Clean Energy Sector

Adani Green Energy Limited (AGEL) and Minerva Holding RSC Ltd have formalised a joint venture to develop, construct and operate renewable energy projects in India, signalling increased Gulf capital flows into the country’s clean power sector. The Joint Venture Agreement, executed on April 8, 2026, establishes Minerva Renewables Holding RSC Limited through AGEL’s wholly owned subsidiary, Adani Renewable Energy Middle East Ltd (AGEL UAE). Under the deal, AGEL UAE will hold up to a 20 percent stake while Minerva will retain majority ownership.

"AGEL UAE will hold up to a 20 percent stake in the joint venture, while Minerva will hold the majority equity. Minerva will have the right to appoint up to four directors to the board, while AGEL will nominate one director," the agreement states, setting out the governance framework for the newly formed platform.

JV structure and strategic positioning

The joint venture is conceived as a dedicated platform for project execution, with a board overseeing the operations of the joint venture and its subsidiaries. Key structural and contextual details from the agreement and related corporate ownership include:

• Entity formed: Minerva Renewables Holding RSC Limited, created to undertake renewable energy projects in India.
• Parties: Adani Green Energy Limited (AGEL) via Adani Renewable Energy Middle East Ltd (AGEL UAE) and Minerva Holding RSC Ltd.
• Shareholding and governance: AGEL UAE up to 20% stake; Minerva majority. Minerva may appoint up to four directors; AGEL will nominate one director.
• Parentage: Minerva Holding RSC Ltd is wholly owned by EPointZero Holding RSC Ltd, the energy and infrastructure arm of International Holding Company PJSC (IHC Group), an Abu Dhabi-based conglomerate with a reported market capitalisation exceeding USD 230 billion.

Context: AGEL’s recent growth and operational sc