India’s Adani Green Energy Ltd has entered an agreement with French energy giant Total SA for a solar power joint venture.
According to the joint statement released by the companies, Total SA will acquire 50 percent stake in Adani Green’s solar assets by investing around $510 million or ₹3,633 crores in the solar power joint venture. Reports suggest this being one of the biggest transactions in India’s clean energy sector.
“We are delighted to extend our long-term partnership with Total to our renewable energy business," said Gautam Adani, Adani Group chairman in the company statement.
Adani was referring to the two company’s longstanding partnership and Total SA’s plan to buy a 37.4 percent stake in Adani Gas for around ₹5,700 crores announced in October 2019.
“This interest in over 2GW of solar projects represents a real change of scale of our presence in India’s renewable energy sector, which has very significant growth potential in the coming years,” said Patrick Pouyanne, CEO of Total.
“It will contribute to our ambition to deploy 25GW of renewable energy by 2025," he added.
Adani Green Energy houses 2,148 MW of solar assets spread over 11 states in India and as per the new deal, Total will own half of the JV with Adani Green owning the balance 50 percent stakes.
“Total is fully engaged in the energy transition and to supporting India, a key country in the fight against climate change, in diversifying its energy mix through partnerships in natural gas and now in solar energy," Pouyanne added.