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, chairman and CEO of Total said
Total SE on Monday said it will buy 20% stake in Adani Green Energy Ltd as well as a 50% stake in a 2.35 gigawatts (GW) portfolio of its operating solar assets for $2.5 billion. Besides, Total will also get a seat on the board of Adani Green Energy.
As of September 2020, the promoter group held 74.92% stake in Adani Green.
“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," said Patrick Pouyanné, chairman and chief executive officer of Paris-based Total.
Adani Green 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.
The partnership with Adani Green in the renewables space in India will be a key contributor to Total’s objective of reaching 35 GW of gross production capacity from renewable sources by 2025 and adding 10 GW per year afterwards, the company statement noted.
In October 2019, Total SE had invested ₹5,700 crore to acquire 37.4% stake in city gas distributor Adani Gas Ltd.