MOSCOW (Pakistan Point News / Sputnik - 18th January, 2021) French oil and gas giant Total on Friday announced that it would purchase a 20 percent stake in India's Adani Green Energy Limited renewable energy firm as part of a strategy to create a sustainable economy in the future.
"Total announces the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group," the company said in a press release.
According to the statement, apart from a 20 percent stake in Adani, Total is due to hold 50 percent in a portfolio of solar energy assets operated by the Indian energy company. Overall, the deal is worth $2.5 billion, Total said, adding that its representatives would also enter the Indian company's board of directors.
Both companies kicked off their partnership back in 2018, with Adani aiming to reach 25 gigawatts of renewable energy generation by 2025, and Total set to "reach 35 GWp of gross production capacity from renewable sources" by the same year.
