(File photo)
PARIS: French oil giant Total said Monday that it would pay $2.5 billion for a 20 per cent stake in India s Adani Green Energy Limited (AGEL), a major solar energy producer, as it diversifies away from fossil fuels into renewables.
Along with the 20 per cent direct stake comes a 50 per cent holding in a portfolio of solar energy assets operated by AGEL, part of the Adani group, Total said in a statement.
The two companies have had a partnership accord since 2018, when Total acquired a stake in Adani Gas Limited.
India relies heavily on coal but has been moving into renewables and natural gas in an effort to reduce damaging pollution levels and costs.
French oil giant Total said Monday that it would pay $2.5 billion for a 20 percent stake in India s Adani Green Energy Limited (AGEL), a major solar energy producer, as it diversifies away from fossil fuels into renewables.
New Delhi, Jan 18: Adani Group on Monday said global energy major TOTAL has acquired a 20 per cent equity stake in Adani Green Energy Ltd. The purchase of
Total speeds up renewables push with $2.5 billion investment in India
18 Jan 2021 Workers clean photovoltaic panels inside a solar power plant in Gujarat, India.
Total is paying $2.5 billion for a share in India’s Adani Green Energy Limited (AGEL) and its solar power assets, in what the French company said was its biggest investment yet in renewables.
As it furthers its strategic shift from fossil fuel, the deal will give Total a 20 per cent stake in AGEL and a seat on its board, as well as a 50 per cent share in the Indian firm’s portfolio of solar power assets.
AGEL is controlled by Indian conglomerate Adani Group and has a market capitalisation of about 1.483 trillion Indian rupees ($20.25 billion).
Total is paying $2.5 billion for a share in Indian renewable energy firm Adani Green Energy Limited (AGEL) and a portfolio of solar power assets, marking the latest step in the French energy company's drive to reduce its dependence on oil.