TotalEnergies weighs USD-700m investment in Adani Green's biz - report
Hybrid project. Image by Adani Green Energy Ltd.
TotalEnergies SE (EPA:TTE) is holding talks over a potential USD-700-million (EUR 651.2m) investment in Indian Adani Green Energy Ltd’s (BOM:541450) renewable energy portfolio, Bloomberg reports.
The French energy major is willing to acquire stakes in some of Adani’s projects as part of its strategy to further expand its renewable energy fleet, unnamed sources have said. According to them, the negotiations are ongoing but there is no certainty that they will lead to a transaction.
Data compiled by Bloomberg shows that TotalEnergies is the second largest shareholder in Adani Green, with a stake of 19.75%. Provided that a deal is closed, the French energy major will bolster its presence on the Indian market and further deepen its ties with the Ahmedabad-based group.
At the start of 2021, TotalEnergies bought 20% of Adani Green from conglomerate Adani Group, plus a 50% stake in the Indian business’ 2.35-GW portfolio of operating solar parks in a deal worth USD 2.5 billion.
Adani Green currently has 20.4 GW of assets in its renewable portfolio, including 8.3 GW of commissioned plants.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.