In April 2020, Total and AGEL, a renewable energy subsidiary of the Adani Group, formed a JV to which AGEL contributed a portfolio of 2.1 GW of solar power plants. As part of an option provided for in the initial contract for the formation of the JV, Total and AGEL agreed to extend this portfolio from 2.1 to 2.3 GW with the addition of new solar farms.
“With an ambitious target of 175 GW of installed capacity by 2022, India is a strong growth area for renewable energy. Since last year, the Group has strengthened its commitment in India with around 5 GW of solar projects in the country, in line with its ambition to become a world leader in renewable energies. We are very pleased to further expand our partnership with the Adani Group,” says Patrick Pouyanné, Chairman and CEO of Total.
This transaction is in line with the Group’s objective of double-digit return on equity for renewable projects.