Total Buys 20% Minority Stake in Adani’s Renewable Energy Arm AGEL

French energy major Total SE has acquired 20 per cent minority interest in conglomerate Adani Group’s renewable energy arm, Adani Green Energy Ltd (AGEL), by purchasing shares held by Gautam Adani-led Promoter Group.

Earlier also Total invested in Adani Gas Ltd, city gas distribution business, associated LNG terminal business and gas marketing business, by acquiring 37.4 per cent stake in Adani Gas Ltd and 50 per cent stake in Dhamra LNG project. Besides, Total had also acquired 50 per cent stake in AGEL’s 2.35 GWac portfolio of operating solar assets and a 20 per cent stake in AGEL for a global investment of USD 2.5 billion.

Commenting on Total’s stake buy in AGEL, Gautam Adani, Chairman of Adani Group, said that, “we are delighted to deepen our strategic alliance with Total, a global energy major, and welcome them as a significant shareholder in Adani Green Energy Ltd. We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India’s vision for 450 GW renewable energy by 2030.”

“This agreement is an important step in our alliance with the Adani Group in India and our common vision and goals with respect to the importance of access to low carbon energy in India. Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties, which began with our first joint venture 2.3GW of renewable capacity. Given the size of the market, India is the right place to put into action/to deploy our energy transition strategy based on two pillars: renewables and natural gas,” said Patrick Pouyanné, CEO of Total SE. 

As on date, AGEL has more than 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development.

Despite the development, scrips of AGEL were trading at Rs 922.55 apiece, down 2.64 per cent, from the previous close on the exchange at 13:41 hours.