Total is paying $2.5 billion for a share in Indian renewable energy firm Adani Green Energy Limited (AGEL) and a portfolio of solar power assets, marking the latest step in the French energy company’s drive to reduce its dependence on oil.
For its investment, Total will get a 20% stake in AGEL and a seat on its board, as well as a 50% share in the Indian firm’s portfolio of solar power assets, the French firm said.
AGEL is controlled by Indian conglomerate Adani Group and has a market capitalisation of about 1.483 trillion Indian rupees ($20.25 billion).
