Energy giant Total has paid $2.5 billion to buy a stake in India’s renewable energy company Adani Green Energy Limited (AGEL) in the company’s latest move to reduce its dependence on oil. In addition to a 50% stake in the company’s branch portfolio for business in the field of solar energy.
Knowing that AGEL has a market value of about 1.483 trillion rupees (equivalent to $20.25 billion) and belongs to the Indian group Adani Group, Total seeks to invest in it to reach its total production capacity of renewable energy to 35 gigawatts (GW) by 2025 in parallel with its plans in producing an additional 10GW annually after that, knowing that it currently produces only 9 GW.
Increasing investor pressure has prompted the largest European energy companies to set plans to reduce harmful emissions in energy production and boost renewable energy production. Last week, Total became the first major global energy company to stop dealing with US oil and gas suppliers, the shares are down 0.7% in early trading in line with lower oil prices, and Total entered into a partnership deal with Adani in 2018 in the LNG space.