Sun shines for Adani as Total buys 50% in solar business for $510 million
NEW DELHI : French energy giant Total SA has agreed to acquire 50% in Adani Group’s solar assets for $510 million, in one of the biggest transactions in India’s clean energy industry.
Total will own half of a joint venture company that will house the solar assets of Adani Green Energy Ltd, which has a 2,148MW solar project portfolio across 11 states, the companies said in a joint statement on Thursday. Adani Green Energy will own the balance 50% in the joint venture.
The transaction, the second major proposed investment by the French energy major in a company controlled by billionaire Gautam Adani, comes amid a tough phase for India’s clean energy sector.
