February 6 (Renewables Now) - French oil-and-gas major Total SA (EPA:FP) will own half of an over-2-GW solar portfolio in India under a deal with a unit of domestic conglomerate Adani Group.
The French company said today it will form a 50/50 joint venture (JV) with Adani Green Energy Ltd (BOM:541450), in which the Indian firm will transfer its entire operational solar fleet. The photovoltaic (PV) assets, totalling 2,148 MW, are located across 11 states in India and operate under fixed-rate power purchase agreements (PPA) with national and regional power distribution companies.
The deal, which is subject to regulatory clearance, is expected to have a total value of around USD 500 million (EUR 454.3m). It is part of Total’s strategy to get double-digit returns on renewable energy projects and build a portfolio of low-carbon businesses that could account for 15% to 20% of its sales by 2040.
“Total is fully engaged in the energy transition and to supporting India, a key country in the fight against climate change, in diversifying its energy mix through partnerships in natural gas and now in solar energy,” said Total’s chairman and CEO Patrick Pouyanne. The French group currently owns more than 3 GW of renewables capacity globally.
(USD 1.0 = EUR 0.909)