Total SE buys 20% stake in Adani Green
French energy company Total SE has acquired a 20% stake in Adani Green Energy (AGEL) by buying shares held by the Gautam Adani-led promoter group, the Indian conglomerate said recently.
Prior to this, Total SE acquired a 50% stake in a joint venture with AGEL that had a portfolio of 2.35 GW of solar power assets. Adani said that Total SE's overall investment in the stake in the joint venture earlier and in Adani Green now stands at $2.5 billion.
Commenting on Total SE's investment in Adani Green, Adani Group Chairman Gautam Adani, said that both the energy companies have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India.
Total SE has invested in other Adani Group entities as well. The company owns 50% stake in the Dhamra LNG project and 37.4% stake in Adani Gas.
AGEL aims to have a renewable energy capacity of 25 GW 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 phases of execution.