View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 6, 2020updated 23 Nov 2021 2:45pm

Total acquires 50% of Adani Group’s solar portfolio for $510m

Multinational oil and gas company Total has acquired a 50% stake in Indian conglomerate Adani Group’s solar business for $510m, as Total seeks to expand its portfolio of renewable energy sources.

By Matthew Hall

Multinational oil and gas company Total has acquired a 50% stake in Indian conglomerate Adani Group’s solar business for $510m, as Total seeks to expand its portfolio of renewable energy sources.

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

Adani Green Energy Limited (AGEL) currently operates a 2,148 MW solar power portfolio spread across 11 Indian states. Total’s investment will see the two companies enter into a joint venture with AGEL and Total both holding a 50% stake in the portfolio.

AGEL will transfer its existing solar assets into the joint operation. According to Total, all the projects benefit from nearly 25-year power purchase agreements with national and regional electricity distributors.

Adani Group Chairman Gautam Adani said in a statement: “We are delighted to extend our long term partnership with Total to our renewable energy business in AGEL.

“The investment reinforces the immense potential in India’s renewable energy sector, as well as Adani group commitment towards sustainable development.

“This is a pivotal step in our journey towards building the world’s largest solar power company by 2025 and the world’s largest renewable power company by 2030.”

In a separate press release, Total said that India’s solar capacity should increase from 81 GW in 2019 to 225 GW in 2022.

“Total is fully engaged in the energy transition and to supporting India, a key country in the fight against climate change, in diversifying its energy mix through partnerships in natural gas and now in solar energy,” Total Chairman and CEO Patrick Pouyanné said.

“This interest in over 2 GW of solar projects represents a real change of scale of our presence in India’s renewable energy sector, which has very significant growth potential in the coming years. It will contribute to our ambition to deploy 25 GW of renewable energy by 2025.”

Total forecasts that its expanding low-carbon operations could account for 15-20% of its sales by 2040. Currently Total’s low-carbon power generation capacity is nearly 7 GW, with 3 GW coming from renewable sources.

Both companies say the deal remains subject to approval by the relevant authorities.

Related Companies

Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology