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PARIS: French oil giant Total said Monday that it would pay $2.5 billion for a 20 percent stake in India’s Adani Green Energy Limited (AGEL), a major solar energy producer, as it diversifies away from fossil fuels into renewables.
Along with the 20 percent direct stake comes a 50 percent holding in a portfolio of solar energy assets operated by AGEL, part of the Adani group, Total said in a statement.
The two companies have had a partnership accord since 2018, when Total acquired a stake in Adani Gas Limited.
India relies heavily on coal but has been moving into renewables and natural gas in an effort to reduce damaging pollution levels and costs.
Total described AGEL as the world’s biggest solar energy developer.
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