French oil major Total SE announced on Monday that it has acquired a 20% stake in Indian renewable energy company Adani Green in a $2.5bn deal. The deal will give Total a 50% stake in Adani’s 2.35GW portfolio of solar assets and a seat on the company’s board. Patrick Pouyanné, Total’s chief executive said, “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.” The deal was priced at a 40% discount based on Adani Green’s market cap of INR 1.5tn ($20bn). Mr. Adani, who has pledged to build the world’s largest solar power company by 2025, said, “We are delighted to deepen our strategic alliance with Total. We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India.” Total seems to be making strong efforts on energy transition initiatives as the company has in recent days left the American Petroleum Institute, the most powerful oil lobby group in the US and has also formed a JV for solar and energy storage projects in the US.
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