Total to Acquire 20% Stake in India's Adani Green Energy

   By P.R. Venkat 
 

Energy major Total SE will acquire a 20% stake in India's Adani Green Energy Ltd., as part of the French company's ambition to achieve net zero carbon emissions by 2050.

The two companies also agreed to further continue their alliance in the wider renewable energy space, under which Total and Adani Group agreed to buy a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by Adani Green Energy, according to a statement on $2.5 billion.

Total will also get a seat on the board of directors of Adani Green Energy.

"Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties. Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas," Total Chief Executive Patrick Pouyanne said.

Adani Green Energy, part of the Adani Group, has 14.6 gigawatts of operating, under-construction and awarded renewable power projects catering to investment-grade counterparties.

As part of its ambition to get to achieve its net zero target by 2050, Total is building a portfolio of activities in renewables and electricity that could account for up to 40% of its sales by 2050.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

January 18, 2021 00:53 ET (05:53 GMT)

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