Total added that it would create a 50:50 joint venture company with Adani Green Energy Limited (AGEL) to set-up green energy projects in more than 11 states with a cumulative capacity of over 2 GW.
Adani Group in a separate press release said that the JV will house 2,148 megawatt operating solar projects, presently 100 per cent is owned by AGEL, and the balance 50 per cent stake would be held by AGEL.
Gautam Adani, Chairman, Adani Group, said, “This is a pivotal step in our journey towards building the world’s largest solar power company by 2025 and the world’s largest renewable power company by 2030.”
According to Total, all projects will benefit from nearly 25-year power purchase agreements with national and regional electricity distributors with a fixed rate.
The country’s capacity should increase from its 81 gigawatts (GW) in 2019 to 225 GW by 2022, Total said in its press release.
“This interest in over 2 GW of solar projects represents another big step of our investment in India's energy sector. It will support our ambition to contribute to the deployment of 25 GW of renewable capacities by 2025,” said Patrick Pouyanné, chairman and chief executive officer of Total.
The deal was a part of Total’s strategy to develop renewable energies in order to contribute to the growth of solar power generation in India, it said.
