Global energy major Total SE has announced that the organization will acquire a 20 percent stake in Adani Green Energy Ltd (AGEL), the renewable power company of the Adani group, by way of acquiring shares held by the promoter group. Besides, Total will also get a seat on the board of Adani Green Energy. The French firm will acquire 50 percent stake in a 2.35 gigawatt portfolio of operating solar assets owned by AGEL in a deal worth $2.5 billion (about Rs. 18,000 crore).

This is the third partnership between Total and the Adani group. In 2019, Total had acquired 37.4 percent in Adani Gas and 50 percent in the group’s Dhamra LNG project. The JV entailed developing various regasification terminals, including Dhamra LNG, and a retail network of 1,500 service stations over a period of 10 years. Last year, Total and AGEL created a 50-50 joint venture at an enterprise value of Rs. 17,385 crore, to which AGEL would transfer its operational solar assets. The total operating renewable portfolio under the JV stands at 2.3 GW.

“Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties, which began with our first joint venture of 2.3 GW of renewable capacity. Given the size of the market, India is the right place to put into action/to deploy our energy transition strategy based on two pillars: renewables and natural gas,” said Patrick Pouyanné, CEO, Total SE.

In a statement, Gautam Adani, Chairman of the Adani group, said, “We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India’s vision for 450 GW of renewable energy by 2030”.