TOTAL To Acquire 20% Stake in Adani Green Energy Limited

Bhadrak: Adani Promoter Group announced the acquisition of a 20% minority interest by TOTAL (France) in Adani Green Energy Limited (AGEL) via acquisition of shares held by Adani Promoter Group in AGEL.

The partnership is in line with the commitment of Adani Group, India’s leading infrastructure platform, and TOTAL – a global energy major in the transition and green energy fields in India.

In 2018, TOTAL and Adani embarked on the energy partnership with investment by TOTAL in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business. TOTAL acquired 37.4% stake in Adani Gas Limited and 50% stake in Dhamra LNG project.

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 $2.5 billion.

“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,” said Adani Group Chairman Gautam Adani.

TOTAL SE CEO Patrick Pouyanné said: “This agreement is an important step in our alliance with the Adani Group in India and our common vision and goals with respect to the importance of access to low carbon energy in India.  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 2.3GW 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.”