NEW DELHI: French oil and gas major Total SE is to acquire a 20% stake in Adani Green Energy (AGEL), the renewables arm of the Ahmedabad-based diversified Adani Group, and 50% ownership of the company’s operating solar projects with aggregate capacity of over 2GW (gigawatts) for $2.5 billion.
Total will acquire the 20% stake from the promoter group’s 74.9% holding in AGEL, the Adani Group said in a statement on Monday.
This is Total’s third deal with the Adani Group and indicates the French major is betting big on India’s energy transition based on, as Total CEO Patrick Pouyanne said, “the pillars of renewable energy and natural gas”.
The AGEL stock closed at Rs 953.5 on the BSE on Monday, up from its previous close of Rs 947.6, after dipping to Rs 921 intraday.
Total had in February 2020 struck a deal with AGEL to acquire a 50% stake for $510 million in a new joint venture company they formed. The deal entailed AGEL transferring its operating solar assets with a total capacity of 2,148MW to the joint venture. AGEL was to retain the remaining 50% ownership in the joint venture.
