NEW DELHI: Indian energy major Adani Group and French oil and gas giant Total on Monday announced that they have inked a $2.5 billion deal under which the French company will receive a 20 per cent stake in Adani Green Energy— a renewable energy company.
The agreement will also see Total get two seats on Adani Green Energy’s (AGEL) Board of Directors. Going by projects, AGEL is already the world’s largest solar energy producer and Total is set to get a 50 per cent stake in AGEL’s massive 2.35 GW portfolio of operating solar assets. This is not the first such agreement signed between the Paris-based energy firm and the Adani Group. In 2018, Total had agreed to buy a 37.4 per cent stake in Adani Gas Ltd—the city gas distribution firm of the Adani Group—and a 50 per cent stake in Adani’s under-construction Dhamra LNG project in Odisha.
