Daily Management Review

French Total buys $2.5bn stake in Indian solar energy market leader


French energy company Total announced on Monday that it has bought a 20 percent stake in India's Adani Green Energy Corporation, one of the world leaders in the solar energy market.

© nick macneill
© nick macneill
Under the deal, Total will receive a seat on Adani Green Energy's board of directors, a 20 percent stake in the company and 50 percent of its solar energy assets.

Total, like other energy majors, is increasingly focused on renewable energy. It is promising $3 bln a year in investments until 2030 and a target of raising generation from renewable energy sources from 9 GW to 35 GW by 2025. The acquisition of a stake in Adani Green Energy should help it do this.

Adani Green Energy is part of one of India's largest holdings, the Adani Group, controlled by billionaire Gautam Adani. 

Capitalised at $20.25bn, Adani Green Energy has 54 solar and wind power projects in India, including the world's largest solar power plant in the southern Indian city of Kamuthi. The company currently produces about 14.6 GW of electricity and plans to ramp up production to 25 GW by 2025.

source: business-standard.com