Team News Riveting
Ahmedabad, January 18
Global energy major TOTAL France would buy a 20 per cent stake in Adani Green from the promoter group and half the ownership in operative solar assets for $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,” Adani Group Chairman Gautam Adani said. They 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” Adani added.
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, it added.
As part of the deal, TOTAL and Adani agreed the acquisition of a 50 per cent stake in a 2.35GW portfolio of operating solar assets owned by AGEL and a 20 per cent stake in AGEL for a global investment of USD 2.5Billion (about Rs 17750 crore).
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 per cent stake in Adani Gas Limited and 50 per cent stake in Dhamra LNG project.
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 by Mercom Capital. As on 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 contribute meaningfully to India’s COP21 goals and to the wider UNFCCC goals of sustainability.
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.”
Their entry into AGEL is a major milestone in the strategy in the renewable energy business in India put in place by both parties, which began with their first joint venture 2.3GW of renewable capacity, he said, adding given the size of the market, India is the right place to put into action and to deploy energy transition strategy based on two pillars: renewables and natural gas.
