Adani Group on Monday said France’s Total is set to acquire a 20 per cent minority stake in its clean energy arm, Adani Green Energy (AGEL). It added that the deal would be through acquisition of shares held by the Gautam Adani-led Adani Group in AGEL.
“We are delighted to deepen our strategic alliance with Total… We look forward to working together towards delivering India’s vision for 450 GW renewable energy by 2030,” said Gautam Adani, chairman, Adani Group.
According to the company press release, the investment in AGEL was another step in the strategic alliance between the two firms, across various businesses and companies of the Adani Group, covering investments in LNG terminals, gas utility business, and renewable assets across India.
In 2018, Total had partnered with Adani with its investment in Adani Gas — the Group’s LNG terminal and gas marketing business. Later, Total and Adani agreed on the acquisition of a 50 per cent stake in 2.35 GW portfolio of operating solar assets owned by AGEL and a 20 per cent stake in AGEL for a global investment of $2.5 billion.
“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.