Total SA Acquires 50 Per Cent Stake In Adani’s Solar Business For Rs 3,707 Crore

0
538
Advertisement
  • Last year in February, the company had invested $510 million to acquire a 50 per cent stake in Adani’s solar assets
  • Total SA had bought a 37.4 per cent stake in Adani Gas for around Rs 5,700 crore in October last year

Adani-led Adani Green Energy (AGEL) has announced that French oil biggie Total SA has invested Rs 3,707 crore to acquire a 50 per cent stake in Adani’s solar business. Total SA will own half of a joint venture (JV) company that operates solar projects owned by AGEL

Last year in February, the company had invested $510 million to acquire a 50 per cent stake in Adani’s solar assets. This joint venture has 2,148 GW solar projects operating across 11 states in India. it also includes the restricted group 1 and 2 projects. These recently raised $862.5 million from the international bond market.

37.4 per cent stake in Adani Gas

Adani group company said that the transaction underlines the partners’ commitment to contribute to addressing India’s sustainable development goals. Through the joint venture, both the companies aim to adhere to the highest standards of governance and strengthen the foundation of the partnership between the two groups.

Advertisement

Total SA had bought a 37.4 per cent stake in Adani Gas for around Rs 5,700 crore in October last year. AGEL aims to achieve 25 GW of clean energy by 2025 to become the largest solar player in the world and the largest renewable player in the world by 2030. To achieve this Adani group has committed to invest over 70 per cent of its budgeted capex into clean energy and energy-efficient systems.

Advertisement

SHARE YOUR THOUGHTS & COMMENTS

Please enter your comment!
Please enter your name here

Are you human? *