France based leading energy player TOTAL S.A announced that its step-down subsidiary has invested approximately $486 million for 50% partnership with Adani Green Energy Limited (AGEL) in a Joint Venture (JV) in India. The JV houses 2.148 GW operating solar projects across 11 states in India.
AGEL set target to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030. The JV with TOTAL is in line with the Adani Group ESG philosophy, AGEL has a strong ESG framework focusing on Climate Awareness. With this joint venture, both partners aim to adhere to highest standards of governance and strengthen the foundation of the partnership between the two groups.
In December 2019, Qatar Investment Authority (QIA) signed agreements to acquire 25% stakes in Adani Electricity Mumbai Limited (AEML) for approximately $450 million. AEML is a part of the leading power generating company Adani Group. Adani Electricity Mumbai Limited owns and operates one of the largest and efficient power distribution networks in India. At present, AEML serves more than 3 million consumers across the Mumbai city, the seventh-largest populated city of the world. The Transaction between companies expected to complete by early 2020.
Total is a global energy player, based in France. Total produces and markets fuels, natural gas and low-carbon electricity. Totals 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Total is active in more than 130 countries.
About Adani Group
The Adani Group is a world’s leading infrastructure player with business spanning across logistics, energy, real estate, financial services, defense and aerospace, and agriculture. The Group headquartered in Ahmedabad, Gujarat, India. The Group’s vision has always been in sync with the idea of Nation Building.