Energy conglomerate Adani will be in a second partnership with French oil major Total — this time for its solar energy business. Total will invest $510 million for a 50 per cent stake in 2,148 megawatt (Mw) solar capacity, owned by Adani Green Energy (AGEL).
AGEL said it had entered into a binding arrangement with Total Gas & Power Business Services SAS for an investment of approximately $510 million for acquisition of 50 per cent stake and other instruments in a joint venture (JV) company. The JV, the statement said, would house 2,148 Mw of operating solar projects — presently 100 per cent owned by Adani Green. The balance 50 per cent in the JV will be held by AGEL. The solar portfolio is spread across 11 states in India.
