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.

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.

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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.