2021-01-19 13:40:00
TOTAL WILL BUY INDIA'S SOLAR POWER
RENEWABLES NOW - January 18 - French energy major Total SE (EPA:FP) today announced a deal to purchase a 20% stake in the green energy unit of India’s Adani Group and take 50% of its 2.35-GW portfolio of operating solar parks.
The value of the combined investment in Adani Green Energy Ltd (BOM:541450), or AGEL, and its assets is estimated at USD 2.5 billion (EUR 2.07bn).
Tamil Nadu-based AGEL currently has more than 14.6 GW of contracted renewable energy capacity, 3 GW of renewable power plants in operation and another 3 GW under construction. Its development pipeline stands at 8.6 GW.
The acquisition of the minority stake in AGEL will give Total a seat on the Indian company’s board of directors. The French giant explained that the move is in line with its existing partnership with Adani, which covers the liquefied natural gas (LNG) terminals and the renewables industries in India.
Total aims to lift its gross renewable energy generation capacity to 35 GWp by 2025 from close to 7 GW at end-2020. Its chairman and CEO Patrick Pouyanne pointed out that the deal with AGEL has a pivotal role in its renewable energy activities in India. “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,” he added.
(USD 1.0 = EUR 0.828)
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Earlier:
2021, January, 14, 13:40:00
TOTAL, ENGIE HYDROGEN PROJECT
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Total SE's Board of Directors met on October 29, 2020, under the chairmanship of CEO Patrick Pouyanne to approve the Group's third quarter 2020 financial statements.
