Total has acquired a 20% stake in Indian renewables developer Adani Green Energy.
The French oil and gas giant will acquire a seat on the developer’s board under the $2.5bn deal.
The partnership will be a key contributor to Total’s objective of reaching 35GWp of gross production capacity from renewable sources by 2025 and adding 10GWp per year afterwards, said the company.
Adani Green Energy has over 14.6GW of contracted renewable capacity, with an operating capacity of 3GW and another 3GW under construction and 8.6GW under development. The company aims to achieve 25GW of renewable power generation by 2025.
Separately, Total and Adani agreed the acquisition of a 50% stake in a 2.35GWac portfolio of operating solar assets owned by the green energy unit.
Total chief executive Patrick Pouyanné said: “This agreement is an important step in our alliance with the Adani Group in India and our common vision and goals with respect to the importance of access to low carbon energy in India.
“Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties. Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas.”
Adani group chairman Gautam Adani added: “We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India’s vision for 450 GW renewable energy by 2030.”