India: Total to Acquire from Adani a 20% Interest in the Largest Solar Developer in the World
January 18 2021 - 12:42AM
Dow Jones News
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) announces 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 Adani
Group and Total, 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, 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. Total and Adani 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 USD 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 the world's largest single location
solar power project located in Kamuthi, Tamil Nadu (648 MW) has
come a long way to be the #1 global solar power generation asset.
As on date, AGEL 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 per year afterwards.
Speaking on the occasion, Patrick Pouyanné, Chairman and CEO of
Total, said: "This agreement is an important step in our alliance
with the Adani Group in India and our common vision and goals with
respect to the importance of access to low carbon energy in India.
Our entry into AGEL is a major milestone in our strategy in the
renewable energy business in India put in place by both parties.
Given the size of the market, India is the right place to put into
action our energy transition strategy based on two pillars:
renewables and natural gas."
Adani Group Chairman, Mr. Gautam Adani, added: "We are delighted
to deepen our strategic alliance with TOTAL, a global energy major,
and welcome them as a significant shareholder in Adani Green Energy
Limited. We have a shared vision of developing renewable power at
affordable prices to enable a sustainable energy transformation in
India. We look forward to working together towards delivering
India's vision for 450 GW renewable energy by 2030."
***
Total, renewables and electricity
As part of its ambition to get to net zero by 2050, Total is
building a portfolio of activities in renewables and electricity
that could account for up to 40% of its sales by 2050. At the end
of 2020, Total's gross power generation capacity worldwide was
around 12 GW, including close to 7 GW of renewable energy. With the
objective of reaching 35 GW of production capacity from renewable
sources by 2025, Total will continue to expand its business to
become one of the world leaders in renewable energies.
About Adani Green Energy Limited
Adani Green Energy Limited (AGEL), a part of the Adani Group,
has 14.6 GW of operating, under-construction and awarded renewable
power projects catering to investment-grade counterparties. AGEL
has been ranked as the #1 global solar power generation asset owner
by Mercom Capital. The company aims to achieve 25 GW of renewable
power by 2025 and is committed to contribute to India's COP21
goals.
About Total
Total is a broad energy company that produces and markets fuels,
natural gas and electricity. Our 100,000 employees are committed to
better energy that is more affordable, more reliable, cleaner and
accessible to as many people as possible. Active in more than 130
countries, our ambition is to become the responsible energy
major.
***
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL SE directly or indirectly owns investments are separate legal
entities. TOTAL SE has no liability for their acts or omissions. In
this document, the terms "Total", "Total Group" and Group are
sometimes used for convenience. Likewise, the words "we", "us" and
"our" may also be used to refer to subsidiaries in general or to
those who work for them. This document may contain forward-looking
information and statements that are based on a number of economic
data and assumptions made in a given economic, competitive and
regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TOTAL
SE nor any of its subsidiaries assumes any obligation to update
publicly any forward-looking information or statement, objectives
or trends contained in this document whether as a result of new
information, future events or otherwise.
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https://www.businesswire.com/news/home/20210117005055/en/
CONTACT: Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
SOURCE: TOTAL
Copyright Business Wire 2021
(END) Dow Jones Newswires
January 18, 2021 00:27 ET (05:27 GMT)
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