Total Expands Adani Partnership with Major Solar Investment

04 Sep, 2024

Total Expands Adani Partnership with Major Solar Investment

French oil and gas giant TotalEnergies has forged a new partnership with Adani Green Energy Limited (AGEL) through a significant $444 million investment. This investment will fund a joint portfolio of solar power projects in Gujarat, India, where Total and AGEL will each hold a 50% stake in a 1.15 gigawatt solar park portfolio. This move strengthens TotalEnergies' alliance with AGEL, which already holds a 19.75% stake in the Adani subsidiary.

The deal highlights TotalEnergies' commitment to expanding its renewable energy footprint, aligning with AGEL’s target of reaching 50 gigawatts of renewable power capacity by 2030. This investment follows a prior $300 million commitment by TotalEnergies to another solar and wind venture with AGEL, marking a renewed interest after initially pausing deals amid allegations of corporate fraud against Adani by Hindenburg Research.

Adani Green Energy plans to develop solar assets in Khavda, Gujarat, aiming for a total capacity of 30 gigawatts, sufficient to power 16 million households in India. Despite earlier setbacks from the fraud allegations and a market value drop of $140 billion, Adani's shares have largely recovered, and the conglomerate continues to diversify into new sectors, including data centers and media.