- Total will acquire a minority stake in Indian Renewable energy company Adani.
- This is a step in the alliance between the firms which have collaborated on various energy projects.
- Adani has a contracted renewable energy capacity of 14.6GW.
France’s Total is set to acquire a 20 per cent minority stake in Adani Green Energy (AGEL) According to the Adani Group. The deal would be through the acquisition of shares held by the Gautam Adani-led Adani Group in AGEL. This new investment in AGEL represents another step in the strategic alliance between the two firms, across various businesses and companies of the Adani Group, including LNG terminals, gas utility business, and renewable energy investments across India.
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Patrick Pouyanné, CEO, Total noted that the company’s entry into AGEL is a major milestone in its strategy in the renewable energy business in India by both parties, which began with the first joint venture that provided 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,” he stated.
Currently, AGEL has over 14.6GW of contracted renewable capacity, with an operating capacity of 3GW, 3GW under construction and 8.6GW under development. The company, however, has a target of 25GW of renewable power generation by 2025.