Total has acquired a 20% interest in Adani Green Energy Limited (AGEL) from Adani Group (India) and a 50% stake in a 2.35 GW portfolio of operational solar projects for US$2.5bn. AGEL has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025.
In 2018, Total signed an agreement with Adani Gas to jointly develop energy business projects in the Indian market, including fuel retail, city gas distribution, LNG activities and gas marketing. The French company acquired a minority stake in the distributors of city gas in 2019. In April 2020, Total created a joint venture (JV) with AGEL, to which AGEL contributed a portfolio of 2.1 GW of solar power plants. The portfolio was extended from 2.1 GW to 2.3 GW in October 2020.
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