Total Picks Up 50% Stake in Indian Solar JV

French Total has acquired a 50% stake in India-focused renewable business joint venture with Adani Green Energy (Agel) for rupees 37.07bn ($490mn), Mumbai-listed Agel said April 7 in a statement.

Total and Agel, a unit of the Adani group, will create a 50:50 joint venture that will receive Agel's operational solar assets. These projects are spread over 11 Indian states and have a cumulative capacity of over 2 GW. All the projects have 25-year power purchase agreements (PPA) in place with national and regional electricity distributors, with a fixed rate. Total first announced its decision to pick up the stake in February this year. 

“The transaction underlines the partners’ commitment to contribute to addressing India’s sustainable development goals…The closing of the transaction in the current environment reinforces the strength of the relationship between the partners and further underscores the robust climate commitment of both partners,” Agel said.

Agel said it is on track to achieve 25 GW of generation capacity by 2025. "With this, Agel also targets to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030," it said.

Total already owns a stake in city gas company Adani Gas - another unit of Adani group.