French energy company Total SE has invested $2.5 billion (₹18,314 crore) for 20% in Adani Green Energy and 50% in a joint venture with it. The companies on Monday said Total picked up stake in AGEL by buying shares held by the Gautam Adani-led promoter group.
In February last year, Total committed to invest $500 million in 2.35-gigawatt of operating AGEL solar assets to form the joint venture. “We have a shared vision of developing renewable power at affordable prices to enable sustainable energy transformation in India,” said Adani, chairman, Adani Group, in a release. “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 a 37.4% stake in Adani Gas and 50% of the Dhamra LNG project.
“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,” said Total CEO Patrick Pouyanné. “Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars — renewables and natural gas.”
Adani has set a target to make his group world’s largest solar power company by 2025, and the biggest renewable energy firm by 2030.