French energy group Total buys 20% stake in Adani Green

French energy group Total buys 20% stake in Adani Green

French energy major Total SE has acquired 20% stake in Adani Green Energy (AGEL) by buying shares held by the Gautam Adani-led promoter group, the Indian conglomerate said on Monday.

Prior to this, Total acquired 50% stake in a joint venture with AGEL that had a portfolio of 2.35 gigawatts (gw) of solar power assets. Adani said that TOTAL’s total investment in the stake in the joint venture earlier and in Adani Green now stands at $2.5 billion.

Commenting on Total’s investment in Adani Green, Adani Group Chairman Gautam Adani, said, “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 has invested in other Adani Group entities as well. It owns 37.4% stake in Adani Gas and 50% stake in Dhamra LNG project.

Total’s Chief Executive Officer 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 2.3 gw 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 aims to have 25 gw of renewable energy capacity by 2025 through organic and inorganic growth. The company has a portfolio of 14,795 mw right now, which includes an operational capacity of 2,950 mw and projects at different stages of execution.

At 11:45 IST, shares of Adani Green were trading at Rs 932.25 on BSE, down 1.6% from the previous close.

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