French energy giant Total is buying a 50% stake in Adani Green Energy Limited’s (AGEL) solar business in a deal worth $510 million (£394m).
The solar portfolio has a total operating capacity of 2,148MW which is spread across 11 states in India.
Total’s investment will see the two companies enter a joint venture, each holding a 50% stake in the portfolio.
Patrick Pouyanné, Total Chairman and CEO said: “Total is fully engaged in the energy transition and to supporting India, a key country in the fight against climate change, in diversifying its energy mix through partnerships in natural gas and now in solar energy.
“This interest in over 2GW of solar projects represents a real change of scale of our presence in India’s renewable energy sector, which has very significant growth potential in the coming years. It will contribute to our ambition to deploy 25 GW of renewable energy by 2025. We are thrilled to extend the partnership with the Adani Group to renewable energies, which will allow us to benefit from its in-depth knowledge of the Indian electricity market.”
Adani Group Chair Gautam Adani added: “The investment reinforces the immense potential in India’s renewable energy sector, as well as Adani group commitment towards sustainable development. This is a pivotal step in our journey towards building the world’s largest solar power company by 2025 and the world’s largest renewable power company by 2030.”
The deal is subject to regulatory approvals.