Total has agreed to buy a 20% stake in Indian PV developer Adani Green Energy Limited (AGEL), as the French oil and gas major ramps up efforts to reach its global clean energy targets.
Paris-headquartered Total had previously purchased a 50% stake in a joint venture with AGEL that recently increased its operating solar portfolio to 2,353MW. That deal, combined with the latest acquisition, has seen Total invest a total of US$2.5 billion in AGEL and secure a seat on the firm’s board of directors.
AGEL has more than 14.6GW of contracted renewables capacity and looks to reach 25GW of clean energy generation by 2025. The company’s largest PV plant is in the Indian state of Tamil Nadu and has a capacity of 648MW.