New Delhi: French energy major Total Gas & Power Business Services will invest $510 million to acquire a 50 per cent stake in Adani’s solar business, thereby giving a push to its renewable energy portfolio.
As part of the deal, a joint venture company will house 2,148 MW of operating solar projects which are now 100 per cent owned by Adani Green Energy Ltd (AGEL). The balance 50 per cent stake in the JV will be held by AGEL.
The solar portfolio is spread across 11 States in India. This development follows a deal in October wherein Total acquired a 37.4 per cent stake in Adani Gas for ₹5,700 crore.
Adani Group Chairman, Gautam Adani, said in a statement that the investment reinforces the immense potential in India’s renewable energy sector, as well as Adani Group’s push to becoming the world’s largest solar power company by 2025 with a capacity of 18 GW and the biggest renewable energy firm by 2030.
AGEL has a renewable portfolio of 5,290 MW, of which 2,320 MW is operational and 2,970 MW is under construction in the first half of fiscal 2020. In the projects under construction portfolio, wind energy (which tends to be more capital-intensive than solar), constitutes 50.7 per cent of the mix. The total project cost for this is estimated at ₹14,400 crore.
