Total To Acquire 50 Per Cent In Adani’s Solar Business For $510 Million

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  • Total has an ambition deploy 25GW of renewable energy by 2025
  • In October, Total had announced to buy a 37.4 percent stake in Adani Gas for around Rs 5,700 crore

French energy company Total SA has agreed to acquire 50 per cent in Adani Group’s solar assets for $510 million. The companies said in a joint statement that Total will own half of a joint venture company that will have the solar assets of Adani Green Energy Ltd. This includes a 2,148MW solar project portfolio in 11 states. Adani Green Energy will own the rest of the 50 per cent in the joint venture.

Deploy 25GW of renewable energy by 2025

Total chief executive officer CEO Patrick Pouyanne said in the statement that the company is fully engaged in the energy transition and supporting India in fighting against climate change. He added that the interest in over 2GW of solar projects will represent a real change of Total’s presence in India’s renewable energy sector. This will contribute to the company’s ambition to deploy 25GW of renewable energy by 2025.

Adani Group chairman Gautam Adani said in the statement that the company is delighted to extend its long-term partnership with Total to the renewable business as well. In October, Total had announced to buy a 37.4 per cent stake in Adani Gas for around Rs 5,700 crore.

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