Total to Acquire 20% Stake in India's Adani Green Energy
January 18 2021 - 1:08AM
Dow Jones News
By P.R. Venkat
Energy major Total SE will acquire a 20% stake in India's Adani
Green Energy Ltd., as part of the French company's ambition to
achieve net zero carbon emissions by 2050.
The two companies also agreed to further continue their alliance
in the wider renewable energy space, under which Total and Adani
Group agreed to buy a 50% stake in a 2.35 GWac portfolio of
operating solar assets owned by Adani Green Energy, according to a
statement on $2.5 billion.
Total will also get a seat on the board of directors of Adani
Green Energy.
"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," Total Chief Executive Patrick Pouyanne
said.
Adani Green Energy, part of the Adani Group, has 14.6 gigawatts
of operating, under-construction and awarded renewable power
projects catering to investment-grade counterparties.
As part of its ambition to get to achieve its net zero target 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.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
January 18, 2021 00:53 ET (05:53 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
TotalEnergies (EU:TTE)
Historical Stock Chart
From Aug 2024 to Sep 2024
TotalEnergies (EU:TTE)
Historical Stock Chart
From Sep 2023 to Sep 2024