Focus on renewable electricity generation is one of the key aspects of Total s carbon transition strategy.
Total s acquisition of AGEL stake strengthens its position in low-carbon generation: Moody s ANI | Updated: Jan 25, 2021 12:05 IST
Frankfurt [Germany], January 25 (ANI): Total SE s acquisitions of 20 per cent minority interest in Adani Green Energy Ltd (AGEL) from Adani Group for around 2.5 billion dollars is credit positive because it strengthens Total s position in the low carbon business, according to Moody s Investors Service.
This includes prior acquisition of a 50 per cent stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL. We consider the acquisition credit positive because it strengthens Total s position in the low carbon business, facilitating its goal to achieve carbon neutrality by 2050, said Moody s in its latest credit outlook released on Monday.
Total, Adani ink deal for 20 per cent of Adani Green Energy
The agreement will also see Total get two seats on Adani Green Energy’s (AGEL) Board of Directors.
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NEW DELHI: Indian energy major Adani Group and French oil and gas giant Total on Monday announced that they have inked a $2.5 billion deal under which the French company will receive a 20 per cent stake in Adani Green Energy a renewable energy company.
The agreement will also see Total get two seats on Adani Green Energy’s (AGEL) Board of Directors. Going by projects, AGEL is already the world’s largest solar energy producer and Total is set to get a 50 per cent stake in AGEL’s massive 2.35 GW portfolio of operating solar assets. This is not the first such agreement signed between the Paris-based energy firm and the Adani Group. In 2018, Total had agreed to buy a 37.4 per cent stake in Adani Gas Ltd the city gas distribution firm of the Adani Group
Gautam Adani Latest To Sell Stake To Overseas Partner After Mukesh Ambani Total will acquire 20% of Adani Green Energy and a board seat as well as a 50% stake in a portfolio of operating solar assets with 2.35 gigawatts capacity
Updated: January 19, 2021 10:29 am IST
Billionaire Gautam Adani is raising $2.5 billion from a deal that includes the sale of a minority stake in his renewables business to French energy giant Total SE, a transaction that may help the tycoon cut group debt.
Paris-based Total will acquire 20% of Adani Green Energy Ltd. and a board seat as well as a 50% stake in a portfolio of operating solar assets with 2.35 gigawatts capacity, the company said Monday in a statement, confirming an earlier report by Bloomberg News. But shares of Adani Green have more than quadrupled in value in the past year in Mumbai, giving the company a market value of about $20 billion.
Adani Group on Monday said it has sold a 20 per cent equity stake in Adani Green Energy to global energy major Total of France for $2.5 billion.
The purchase of 20 per cent minority interest by Total was done “via the acquisition of shares held by the Adani Promoter Group in Adani Green Energy Limited (AGEL)”, a statement by Adani said.
Global energy majors such as Total and BP have increased their focus on green energy and lowered their stakes in fossil fuel with growing consciousness about climate change and the adverse impact of greenhouse gas.
International Energy Agency in its report said “the oil and gas industry is facing increasing demands to clarify the implications of energy transitions for their operations and business models, and to explain the contributions that they can make to reduce greenhouse gas emissions and to achieve the goals of the Paris Agreement”.
Total inks USD 2.5 billion deal with Adani Group; picks up 20 per cent stake in AGEL PTI
New Delhi: French oil and energy group ‘Total’ has agreed to a USD 2.5 billion deal that includes buying a 20 per cent minority stake in Adani Green Energy Ltd (AGEL) from Adani Group, as it builds up its presence in the renewable energy sector. The deal involves Paris-based energy group ‘Total’ getting a board seat in the largest solar energy developer in the world, as well as a 50 per cent stake in a 2.35 gigawatts (GW) portfolio of operating solar assets, the two firms said in statements.