In a major deal in the clean energy industry, French energy giant Total SA is investing $510 million to pick up a 50% equity in Adani Green Energy. The remaining 50% will remain with the Adanis making it an equal partnership venture in the solar energy space.
Adani Green Energy Ltd has a 2,148MW solar project spread across 11 states. The overall capacity that AGEL is working on is 6GW and the company has also bagged the order from government-owned Solar Energy Corporation of India for setting up manufacturing-linked solar power infrastructure of 8GW.
This is not the first time Total is making an investment in an Adani venture. It has committed around Rs 5,700 crore to acquire a 37.4% stake in Adani Gas.
The projects by the Adani Group in collaboration with the South African company in the solar energy sector are part of a much larger goal set for itself by the government to have 175GW of clean energy capacity by the year 2022. The immediate target is to add 100GW of solar capacity which will include the rooftop solar cells installations of 40GW.
These are also part of the clean energy commitments that India has made. It will solve the twin purpose of cutting down on oil imports while reducing pollution levels as well.
Total SA itself has an ambitious target of being able to deploy 25GW of renewable energy by 2025.