Total has acquired a 20 percent minority interest in Adani Green Energy Limited (AGEL), the renewable energy platform of the Adani Group.
French multinational energy company Total has announced that it has acquired a 20 percent minority interest in Adani Green Energy Limited (AGEL), the renewable energy platform of the Adani Group. The French giant acquired the shares held by the Adani Promoter Group in Adani Green Energy Limited.
The transaction marks the deepening partnership between the Adani Group – India’s leading infrastructure platform and, Total – a global energy major in the transition and green energy fields, in India. The investment in AGEL is another step in the strategic alliance between the Adani Group and Total, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India.
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 development of renewable energy.
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 percent stake in Adani Gas Limited and 50 percent stake in Dhamra LNG project. During the development of this partnership, it was further agreed that Total and Adani shall continue this alliance into the wider sustainable energy space. Total and Adani agreed the acquisition of a 50 percent stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL and a 20 percent stake in AGEL for a global investment of USD 2.5 Billion.
The two energy majors have joined hands to develop green power sources at affordable prices and to deliver this transformational energy solution.
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.”
AGEL, started in 2015 with the world’s largest single location solar power project located in Kamuthi, Tamil Nadu (648 MW) has come a long way to be ranked as the #1 global solar power generation asset developer. As of date, AGEL 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 and is committed to contributing meaningfully to India’s COP21 goals and to the wider UNFCC goals of sustainability.
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.”