Updated: January 19, 2021 3:54:24 am
Total SE of France has decided to acquire 20 per cent minority interest in Adani Green Energy (AGEL) and half the ownership in operative solar assets for $2.5 billion. As part of the current deal, Total will pick up a 50 per cent stake in a 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, said an AGEL statement.
It said 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 liquefied natural gas terminals, gas utility business, and renewable assets across India. As of September, the promoter group held 74.92 per cent stake in Adani Green.
“This is in line with the commitment of both Adani and Total to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy,” the Adani Group said. In 2018, Total and Adani embarked on the energy partnership with investment by Total in Adani’s city gas distribution business, associated LNG terminal business and gas marketing business.
Total acquired 37.4 per cent stake in Adani Gas and 50 per cent stake in Dhamra LNG project. It was also then agreed that Total and Adani will continue this alliance into the wider sustainable energy space. “We are delighted to deepen our strategic alliance with Total, a global energy major, and welcome it as a significant shareholder in AGEL,” Adani Group chairman Gautam Adani said.
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