Total acquires 20 percent stake in Adani Green Energy Limited.

Adani Promoter Group, India and TOTAL, France announced the acquisition of a 20% minority interest by TOTAL in AGEL via the acquisition of shares held by the Adani Promoter Group in Adani Limited.

The investment in AGEL is another step in the strategic alliance between 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. 

The companies in a statement said –“This is in-line with the commitment of both Adani & TOTAL to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable .”

In 2018, TOTAL and Adani embarked on the 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. 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% 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 USD 2.5 Billion.

India has set a policy target of setting up 450 GW of renewable power capacity by 2030, driven by the vision, spirit and leadership of Honorable Prime Minister Narendra Modi.

Starting with Prime Minister Modi’s commitment in the Agreement in 2015 and further reinforcement in 2019 United Nation Summit, India has been in the forefront of the global agenda of fight against .

In this context, Adani Group and TOTAL have joined hands to develop green power sources at affordable prices and to deliver this transformational energy solution.

AGEL, started in 2015 with the world’s largest single location located in Kamuthi, Tamil Nadu (648 MW) .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 UNFCC goals of sustainability.

Speaking on the occasion, 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 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.”

Speaking on the occasion, 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: and natural gas.” 

The Adani Promoter Group was represented by Clifford Chance and Cyril Amarchand Mangaldas. TOTAL was represented by Latham & Watkins and AZB Partners.

Climate Samurai Members support independent journalism at a time when trusted storytelling, climate awareness and community engagement is more important than ever. We have small but strong editorial team that brings you uninfluenced and curated news that you can trust. To support truly independent journalism, please consider taking a subscription which is free like our thought.