TOTAL France to acquire 20% stake in Adani Green Energy for $2.5 bn
Global energy major Total will pick up a 20 per cent stake in Adani Green Energy Ltd (AGEL), the renewable power company of the Adani group, by way of acquiring shares held by the promoter group.
Along with the minority stake, the French firm will acquire 50 per cent in a 2.35-gigawatt portfolio of operating solar assets owned by AGEL in a deal worth $2.5 billion (about Rs 18,000 crore), said a statement by AGEL. Total will also have a seat on the AGEL board.
This is the third partnership between Total and the Adani group. In 2019, Total had acquired 37.4 per cent in Adani Gas and 50 per cent in the group’s Dhamra LNG project. The JV entailed developing various regasification terminals, including Dhamra LNG, and a retail network of 1,500 service stations over a period of 10 years.
