MUMBAI – French oil chief Total has said it will acquire a 20% stake in Adani Green Energy for $ 2.5 billion, heading into India’s promising renewables market as momentum grows. a global push attack to prevent carbon emissions.
Total also owns 50% ownership of AGEL solar assets and a seat on its board under the deal announced Monday. Total hopes to better tap Indian demand for renewable energy by partnering with a key local player.
AGEL, a unit of the Indian conglomerate Adani Group, operates several renewable energy facilities with a combined capacity of 3 gigawatts. It has a further 3 GW capacity under construction and 8.6 GW in development. It aims to achieve 25 GW in total renewable capacity by 2025.
The total number had achieved nearly 7 GW in global renewable energy capacity by the end of 2020. They plan to turn this to 35 GW by 2025.
India’s renewable market has attracted interest both at home and abroad, with active government support for the region as a means of preventing pollution. Renewable capacity in the country has almost doubled in four years to around 90 GW since October and is only expected to continue to grow, with the government aiming to hit 227 GW by 2022 and 500 GW ro 2030.
In September, Orix Japan announced that it would buy about 20% of the shares issued in Indian renewable energy company Greenko Energy Holdings for about $ 980 million. MPs said in December that they had invested $ 70 million in India’s Green Growth Energy Fund.