Total SE has agreed to a $2.5-billion deal that includes a minority stake in India's renewables giant Adani Green Energy Ltd. as it expands its efforts to diversify beyond oil.
Paris-based Total will acquire 20 per cent of Adani Green, take a board seat, and add a 50 per cent stake in a portfolio of operating solar assets with capacity to transmit 2.35 gigawatts of power to consumers, the company said Monday in a statement.
That confirmed an earlier Bloomberg News report that Total and Adani Green were in advanced talks on a deal. "India is the right place to put into action our energy transition strategy based on two pillars: renewables and natural gas," Total CEO Patrick Pouyanne said in the statement.
The deal is the third in a week for Total in the renewables area, following the acquisition of a French biogas producer and of a stake in a large US solar portfolio.
