French energy group Total to buy 20% stake in Green Energy in the Adani group

'Total' France’s Energy giant has agreed to buy a 20% stake in Adani Green Energy Ltd, which will become the world's largest renewable company by 2025 for $ 2.5 billion or Rs 18,327 crore. Adani Promoters Group in Adani Green Energy Limited, India and TOTAL, France announced the acquisition of a 20% minority interest in AGEL through the acquisition of shares held by Adani Promoters Group in Adani Green Energy Limited.

TOTAL has agreed to a $ 2.5 billion global investment to buy a 50% stake in the 2.35 GWac portfolio of AGEL-owned operating solar assets and a 20% stake in AGEL. In 2018, Total and Adani had entered in an energy partnership in Adani Gas Limited, City Gas Distribution Business, and LNG Terminal Business and Gas Marketing Business.

Chief Executive Officer of TOTAL, Patrick Poyne said, "This agreement is an important step forward with our alliance with the Adani Group in India and our general vision and goals regarding the importance of access to low carbon energy in India. AGEL in India A major milestone in our strategy in the renewable energy business, put forward by both parties, was our first joint venture, which started with 2.3GW renewable capacity. 

With this 20% minority interest in AGEL, the total company will have one seat on the board of directors. AGEL began in 2015 in Kamuthi with the world's largest single-location solar power project (648 MW), and has now become a major center for solar power generation.

 Let us tell you that AGEL has a renewable capacity of over 14.6 GW, with an operating capacity of 3 GW and a capacity of 3 GW under construction and 8.6 GW under development. 

The partnership with AGEL in India will be important for the purpose of reaching 35 GWP of gross generation capacity from renewable sources in the next 4-5 years and adding 10 GWP every year. 

On Monday, AEGL's stock closed 0.6% higher at Rs 953.45 on the BSE in a weak Mumbai market, bringing the company's value to over Rs 1,49,121 crore.