Total acquires 20% stake in Adani Green Energy under $2.5B deal

Total SE acquired a 20% minority interest in Adani Green Energy Ltd. from Adani Group as part of a $2.5 billion deal.

The companies also agreed on the acquisition of a 50% stake in a 2.35-GWac portfolio of operating solar assets owned by Adani Green Energy. Total will also have a seat on the board of directors of Adani Green Energy, according to a Jan. 18 news release.

Total and Adani already have a strategic alliance which covers investments in LNG terminals, gas utility business, and renewables assets across India.

Adani Green Energy has over 14.6 GW of contracted renewable capacity, with operating capacity of 3 GW, as well as 3 GW under construction and 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025.

Total expects the partnership to be a key contributor to its objective of reaching 35 GW of gross production capacity from renewable sources by 2025.

"Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas," said Patrick Pouyanné, chairman and CEO of Total.