Total paid about $ 2.5 billion in exchange for a share in the Indian renewable energy ”AGEL” Adani Green Energy Limited and its solar power assets, This comes as part of the French company efforts to reduce its dependence on oil.
Total said that this deal would get 20% stake in AGEL and a seat on its board of directors, in addition to 50% of the Indian company’s portfolio of solar power assets.
Adani Group controls Adani Green, whose market value is about 1.483 trillion Indian rupees, or 20.25 billion dollars.
Total is embarking on a strategy to switch to electric and renewable energy.
It seeks to increase the total renewable energy production capacity to 35 gigawatts by 2025 from about 9 gigawatts currently.