Total SE on Monday said it will buy 20% stake in Adani Green Energy Ltd as well as a 50% stake in a 2.35 gigawatts (GW) portfolio of its operating solar assets for $2.5 billion. Besides, Total will also get a seat on the board of Adani Green Energy.
As of September 2020, the promoter group held 74.92% stake in Adani Green.
“Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas,” said Patrick Pouyanné, chairman and chief executive officer of Paris-based Total.
Adani Green has over 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. The company aims to achieve 25 GW of renewable power generation by 2025.
