Adani Group today announced the acquisition of a 20% minority stake by the French oil and gas major Total in Adani Green Energy.
The latest deal follows Total’s renewable arm acquiring half the stake in Adani Green’s 2.3 GW operational PV portfolio in India.
The investment in Adani Green Energy is another step in the strategic alliance between Adani Group and Total, a partner in Adani’s natural gas business.
“This is in line with the commitment of both Adani and Total to be leading participants in the sustainable economy of the future and help India in its quest for the development of renewable energy,” read a statement issued by Adani.
In 2018, Total embarked on the energy partnership with Adani by investing in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business.
During this partnership development, Total and Adani also agreed to continue this alliance into the wider sustainable energy space. Total and Adani agreed to the acquisition of a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL and a 20% stake in AGEL for a global investment of US$ 2.5 billion.
Speaking on occasion, Adani Group Chairman Gautam Adani said, “We are delighted to deepen our strategic alliance with Total, a global energy major, and welcome them as a significant shareholder in Adani Green Energy Limited. We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India’s vision for 450 GW renewable energy by 2030.”
Total SE CEO, Patrick Pouyanné said, “Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties, which began with our first joint venture for 2.3GW of renewable capacity. Given the size of the market, India is the right place to put into action/to deploy our energy transition strategy based on two pillars: renewables and natural gas.”
Adani Green Energy, started in 2015 with the world’s largest single-location solar power project (648 MW) in Kamuthi, Tamil Nadu, today has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025.
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