Involvement in AGEL is another phase in the strategic federation between the Adani Group and the numerous other industries and corporations managed by Adani Group
New Delhi (Natural Energy News): The Adani Group said on Monday that France-based Total will acquire a 20% minority interest in Adani Green Energy Limited (AGEL).
The investment in AGEL is another step in the strategic alliance between the Adani Group and the total business and the Adani Group of Companies, covering investments in liquefied natural gas (LNG) terminals, gas utility businesses and renewable assets across India.
"This is in line with the responsibility of both Adani and Kul, which will be a directing collaborator in a endurable economy of the outlook and will boost India in the advancement of renewable energy." said the officials Adani Group.
In 2018, Total & Adani partnered with Adani Gas Limited's Total Gas Investment Business in City Gas Distribution Business, LNG Terminal Business and Gas Marketing Business.
Adani Gas Limited holds a total 37.4% stake and Dhamra LNG project a 50% stake. It was agreed that Kul and Adani would continue this alliance in the wider sustainable energy space.
Total and Adani agreed to acquire a 50% stake in the 2.35 GWac portfolio, a portfolio of solar assets owned by AGEL and a 20% stake in AGEL for a global investment of $ 2.5 billion.
Chairman Gautam Adani said, "We are delighted to deepen our strategic alliance with Total, a universal energy major and welcome it as an important shareholder in AGEL."
"We have a shared vision to produce renewable power at reasonable prices to facilitate a sustainable energy adaptation in India. We will operate jointly to provide India's vision for 450 GigaWatt of renewable energy by 2030”he said.
Patrick Poyne, chief executive officer of Total SE, said the agreement is an important step in relation to the general vision and goals of the alliance with the Adani Group in India and the importance of access to low carbon energy in India.
Aggregate penetration into AGEL is a major milestone in its strategy in relation to the renewable energy business in India, placed by the two companies, which began with the first joint venture of 2.3 GW of renewable capacity.
"The volume of the market, India is the perfect location to put up with effort and execute our energy growth policy based on two pillars and renewable gases," he said.
India has a policy goal of setting up 450 GW of renewable energy capacity by 2030, inspired by Prime Minister Narendra Modi's vision. Started in 2015 with its commitment to the Paris Agreement and the strengthening of the 2019 United Nations Climate Action Summit, India has been at the forefront of the global fight against climate change.
In this context, the Adani Group and Total have joined hands to develop green energy sources at affordable prices and deliver this transformative energy solution.
As of date, AGEL has acquired renewable energy of capacity over 14.6 GigaWatt, with an operating capacity of 3 GigaWatt and around 3 GigaWatt is under construction and 8.6 GigaWatt is undergrowth.
The company aims to achieve 25 GW of renewable electricity generation by 2025 and is committed to making meaningful contributions to India's Comprehensive United Nations Framework Convention on COP21 targets and climate change goals of sustainability.
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