Energy giant Total has announced the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group, India’s leading infrastructure platform. This transaction is the latest development in the strategic alliance between the two parties. With this latest acquisition, Total will have a seat on the Board of Directors of AGEL.

The energy partnership between the two companies began in 2018 when Total invested in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business. The companies then decided to continue their partnership in the renewable energy space as well. To this end, Total acquired a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL.  This was followed by Total acquiring a 20% stake in AGEL for a global investment of $2.5 billion. 

AGEL has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW, 3 GW under construction and another 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025.

Meanwhile, Total’s gross power generation capacity worldwide was around 12 GW at the end of 2020, out of which 7 GW was made up of renewable energy. Total has an overall objective of reaching 35 GWp of gross production capacity from renewable sources by 2025 and adding 10 GWp per year afterwards to get to net zero emissions by 2050.