Total to Acquire 20% Stake in Adani Green Energy for US $2.5 Billion
Total France, a global energy major, will pick up a 20 per cent stake in Adani Green Energy Ltd (AGEL), the renewable power company of Adani Enterprises, by way of acquisition of shares held by the Adani Promoter Group (APG).
This is the second partnership between TOTAL and an Adani group company.
In 2018, TOTAL acquired a 37.4 per cent stake in Adani Gas Limited and a 50 per cent stake in Dhamra LNG project in which the JV entailed developing various regasification terminals including Dhamra LNG and a retail network of 1,500 service stations over a period of 10 years.
As part of the current deal, TOTAL will pick up a 50 per cent stake in a 2.35 GW portfolio of operating solar assets owned by AGEL and a 20 per cent stake in AGEL for a global investment of $2.5 billion, said a statement by AGEL.
Photo courtesy of Karsten Würth.
Source: Africa Inc (link opens in a new window)