Adani Total TotalEnergies to invest in Adani Green Energy's renewable energy projects
Mumbai: TotalEnergies SE is reportedly in discussions to invest in renewable energy ventures developed by Adani Green Energy Ltd, Bloomberg reported.
This potential deal could mark the first public collaboration between the French oil giant and Gautam Adani since fraud allegations were leveled against Adani's business empire by a short-seller.
The sources told Bloomberg that Total is considering acquiring stakes in select projects developed by Adani Green.
This move is in line with Total's strategy to broaden its clean energy project portfolio.
It's estimated that the French group may allocate approximately $700 million towards these projects.
If the deal materializes, it would not only expand Total's footprint in the rapidly growing Indian energy market but also provide Adani Green with additional resources to advance new renewable energy initiatives.
Further, the agreement would strengthen Total's existing ties with Adani Green, in which it already holds a significant 19.75% stake, as per data compiled by Bloomberg.
Total, a French energy company, aims to bolster its presence in the growing Indian energy market through a deal with Adani Green.
This partnership would facilitate the development of new renewable energy projects.
Total already holds a significant stake in Adani Green, and this move aligns with its efforts to increase clean-energy production.
It also aligns with India's goal to become a net-zero carbon nation by 2070 and reduce reliance on fossil fuels.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
