Total Buys 50% Of Adani Green’s Solar Assets For $510 Million

In Clean Fund, Clean News, News, Renewable Energy, Solar
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French energy giant Total SA has agreed to acquire 50% in Adani Group’s solar assets for $510 million, in one of the biggest transactions in India’s clean energy industry.

Total will own half of a joint venture company that will house the solar assets of Adani Green Energy Ltd, which has a 2,148MW solar project portfolio across 11 states, the companies said in a joint statement on Thursday. Adani Green Energy will own the balance 50% in the joint venture.

The transaction, the second major proposed investment by the French energy major in a company controlled by billionaire Gautam Adani, comes amid a tough phase for India’s clean energy sector.

Overall, Adani Green Energy has a renewable energy project portfolio of 6GW, including under-construction capacity. It is also a successful bidder in state-run Solar Energy Corporation of India Ltd’s tender of 8GW manufacturing-linked development project for setting up solar power capacity.

The renewable energy industry is facing a tight lending environment, mounting dues from utilities and record low tariffs. The low solar and wind power tariffs have made banks wary of lending to renewable energy developers as they suspect the viability of the projects so this deal comes as a sun shine for Adani.

Reference- Economic Times, livemint, Mercom India

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