Adani Group on Monday said it has sold a 20 per cent equity stake in Adani Green Energy to global energy major Total of France for $2.5 billion.
The purchase of 20 per cent minority interest by Total was done “via the acquisition of shares held by the Adani Promoter Group in Adani Green Energy Limited (AGEL)”, a statement by Adani said.
Global energy majors such as Total and BP have increased their focus on green energy and lowered their stakes in fossil fuel with growing consciousness about climate change and the adverse impact of greenhouse gas.
International Energy Agency in its report said “the oil and gas industry is facing increasing demands to clarify the implications of energy transitions for their operations and business models, and to explain the contributions that they can make to reduce greenhouse gas emissions and to achieve the goals of the Paris Agreement”.
Adani and TOTAL deepen their strategic alliance in Sustainable Energy
Posted On: 2021-01-19 05:08:17 (Time Zone: Arizona, USA)
Adani Promoter Group, India and TOTAL, France announce the acquisition ofa 20% minority interest by TOTAL in AGEL via the acquisition of shares held by the Adani Promoter Groupin Adani Green Energy Limited.
The transaction marks the deepening partnership between the Adani Group - India s leading infrastructure platform and TOTAL - a global energy major in the transition and green energy fields in India. 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. This is in-line with the commitment of both Adani &TOTAL to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.
Total picks 20% stake in Adani Green Energy
January 18, 2021
A view of Adani Green Energy plant in Ramanathapuram district - THE HINDU×
French energy major gets a board seat French energy major Total SE on Monday announced acquisition of minority stake 20 per cent in Adani Group’s renewable energy arm, Adani Green Energy Limited (AGEL).
Following the stake-buy, Total will have a seat on the board of directors of the company.
As per the transaction, Total acquired the shares held by the Adani Promoter Group in AGEL. “The transaction marks the deepening partnership between the Adani Group – India’s leading infrastructure platform and Total, in the transition and green energy fields in India,” a Total statement said.
Global energy major Total will pick up a 20 per cent stake in Adani Green Energy Ltd (AGEL), the renewable power company of the Adani group, by way of acquiring shares held by the promoter group. Along with the minority stake, the French firm will acquire 50 per cent in a 2.35-gigawatt portfolio of operating solar assets owned by AGEL in a deal worth $2.5 billion (about Rs 18,000 crore), said a statement by AGEL. Total will also have a seat on the AGEL board. This is the third partnership between Total and the Adani group. In 2019, Total had acquired 37.4 per cent in Adani Gas and 50 per cent in the group’s Dhamra LNG project. The JV entailed developing various regasification terminals, including Dhamra LNG, and a retail network of 1,500 service stations over a period of 10 years.