TOTAL France will acquire 20 per cent stake in Adani Green Energy Limited (AGEL), for a global investment of $2.5 billion.
Additionally, TOTAL will acquire 50 per cent stake in a 2.35 GW portfolio of operating solar assets owned by AGEL. In February 2020, TOTAL and AGEL created a 50-50 joint venture at an enterprise value of Rs 173.85 billion, into which AGEL would transfer its operational solar assets. The total operating renewable portfolio under the JV stands at 2.3 GW. This is the second partnership between TOTAL and an Adani group company. In 2018, TOTAL acquired a 37.4 per cent stake in Adani Gas Limited and a 50 per cent stake in Dhamra LNG project.