French Oil and Energy Group Total Buys 20% Stake in Adani Green Energy

Adani Green Energy (AGEL) said on Monday that French energy giant Total SA will acquire 20% minority interest in the company from Adani Group. The deal, valued at around $2 billion, will also provide Total a seat on the board of directors of AGEL.

The transaction follows Total investing $510 million in April 2020 for the acquisition of 50% stake in AGEL’s 2,353 megawatt (MW) operational solar projects in the country. The acquisition is part of Total’s target of building a portfolio of 35,000 MW of renewable energy capacity globally by 2025.

Currently, AGEL’s operational renewable energy portfolio stands at 3,000 MW, with an equal capacity under construction.