Global oil and gas sector behemoth Total SE is set to invest around $2 billion into Gautam Adani led Adani Green Energy to acquire a 20 per cent stake in the Ahmedabad based conglomerate's new and renewable energy venture, reports Times of India.
Earlier in April 2020, Total invested $550 million under a deal to get 50 per cent ownership stake into Adani Green's operational solar projects which have a capacity of over 2.3 gigawatts (GWs). The deal will also provide Total a seat on the board of directors of AGEL.
In 2019, Total SE had invested in Adani Gas Limited, which is Adani group's dedicated venture to pursue opportunities in city gas distribution, liquified natural gas and gas marketing businesses.
Meanwhile, it should be noted that having made its debut in 2015 with a 648 megawatts (MWs) solar power project in Tamil Nadu's Kamuthi, the AGEL has since grown rapidly to have over 14.6 GWs of contracted renewable capacity which includes three GWs of operational capacity, another three GWs of under-construction capacity and additional 8.6 GWs of capacity under development.
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