Total invests in solar energy
Published by Bella Weetch,
Editorial Assistant
Energy Global,
Total has announced the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group.
The transaction marks the deepening partnership between the Adani Group – India’s leading infrastructure platform – and Total, in the transition and green energy fields in India. The investment in AGEL is another step in the strategic alliance between the companies, which covers investments in LNG terminals, gas utility business, and renewable assets across India. This is in-line with the commitment of both Adani and Total to be leading participants in the sustainable economy of the future and help India in its quest for development of renewable energy.
In 2018, Total and Adani embarked on the energy partnership with investment by Total in Adani Gas Limited’s city gas distribution business, associated LNG terminal business and gas marketing business.
During the development of this partnership, it was further agreed that Total and Adani shall continue this alliance into the wider renewable energy space. The two companies agreed the acquisition of a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL and a 20% stake in AGEL for a global investment of US$2.5 billion. Along with this 20% minority interest in AGEL, Total will have a seat on the Board of Directors of the company.
AGEL started in 2015 with one of the world’s largest single location solar power projects, located in Kamuthi, Tamil Nadu, India (648 MW). The company has come a long way to be one of the most valuable global solar power generation assets. Currently, it has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025.
The partnership with AGEL in the renewables space in India will be a key contributor to Total’s objective of reaching 35 GWp of gross production capacity from renewable sources by 2025, and adding 10 GWp/yr from that point forward.
Read the article online at: https://www.energyglobal.com/solar/25012021/total-invests-in-solar-energy/
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