Total Buys 20% Stake in Indian Renewable Firm
France’ Total has acquired a 20% minority stake in Indian renewable firm Adani Green Energy (Agel), a unit of Adani Group, the Indian company said in a January 18 statement.
“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 LNG terminals, gas utility business, and renewable assets across India,” Agel said.
Total acquired a 50% stake in Agel’s solar portfolio last year. In 2019, Total completed the deal to acquire a 37.4% stake in city gas distributor Adani Gas, another Adani Group unit, and a 50% stake in India's Dhamra LNG import project.
Agel 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 planned. The company said it aims to have 25 GW of renewable power generation by 2025.
India is targeting 450 GW of renewable power capacity by 2030.