Total Expands Solar Investment With $2.5-Billion Indian Renewables Acquisition

Total’s acquisition of 20% of Adani Green Energy adds to the supermajor’s global solar portfolio and advances its objective of reaching 35 GW of gross production capacity from renewable sources by 2025.


Total is investing $2.5 billion for a 20% minority interest in Adani Green Energy Limited (AGEL), an Indian renewable energy company, from its parent, the multinational industry conglomerate Adani Group. Terms of the agreement include a 50% stake in a 2.35-GW portfolio of AGEL-owned operating solar assets and a seat on the company’s board.

Patrick Pouyanné, Total’s chief executive officer, said in announcing the deal, “Our entry into Adani Green Energy is a major milestone in our strategy in the renewable energy business in India put in place by both parties. Given the size of the market, India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas.”

Headquartered in Ahmedabad, Gujarat, AGEL is considered one of the world’s most ambitious solar developers. It operates the Kamuthi Solar Power Project, one of the largest solar photovoltaic plants in the world. AGEL began operations in 2015 with a 648-MW single-location solar power project in Kamuthi, Tamil Nadu. Currently, it has more than 14.6 GW of contracted renewable capacity, with an operating capacity of 3 GW, another 3 GW under construction, and 8.6 GW under development. The company has a stated objective of 25 GW of renewable power generation by 2025.

Total and AGEL first forged a relationship in early 2020 when they agreed to form a joint venture to develop solar projects in India. In addition to helping India in its quest to develop renewable energy, the AGEL agreement is also seen as a key contributor to Total’s objective of reaching 35 GW peak (GWp) of gross production capacity from renewable sources by 2025 and adding 10 GWp/year from that point forward as it attempts to turn itself into a top-five global renewable energy player by the end of the decade.

The investment in AGEL is the latest step in a long-term strategic alliance between the Total and Adani Group, which covers investments in liquefied natural gas terminals, gas utility business, and renewable assets across India. It also adds to Total’s global portfolio of solar projects, which includes plants in Japan, South Africa, and Chile.

In addition to announcing clean energy deals with AGEL and others over the past week, Total announced that it is withdrawing its membership of the American Petroleum Institute lobby group over climate differences.