New Delhi: French Energy behemoth Total SA has acquired 20 percent stake in Adani Green Energy Ltd (AGEL), the Indian conglomerate said on Monday. Earlier, Total had picked up 50 percent stake in a joint venture (JV) with Adani Green that has a portfolio of 2.35 GW solar power projects. The Indian conglomerate said that Total's cumulative investment in the JV and Adani Green now stands at $2.5 billion. In October 2019, Total had acquired a 37.4 percent stake in Adani Gas Ltd along with joint management control. It also owns 50 percent stake in Dhamra LNG project.
Commenting on Total's investment in Adani Green Energy, 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'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, said the statement.
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