Track your shipment

Client Testimonials

"We wish to convey our sincere thanks to your organization which has been professionally handling our biz since 2003. We would like to take this opportunity to thank everyone of your staff members who supported and helped us during the hard times and gave us workable solutions and ideas to reach our business objectives. Al Rana Equipment & Machinery Trading Eng. Bassam Nowfat - Managing Director"

Al Rana Equipment & Machinery Trading,
View All

Subscribe To NewsLetter

Stay Updated with the latest news & Events and other activities

Subscribe Me !

News View

Total buys stake in Indias Adani Green Energ
1/19/2021 12:00:00 AM

Total has agreed to buy a 20pc stake in Indian renewables firm Adani Green Energy — a leading global solar power company — as the major continues its energy transition push.

Total said that, combined with an agreement to buy a 50pc interest in Adani Green Energy's 2.35GW portfolio of operating solar assets announced previously, the total investment amounts to $2.5bn. Total said in February 2020 it was set to pay about $500mn for the 50pc stake in the portfolio. The deal will give Total a seat on the renewables firm's board of directors.

The Adani group — Adani Green Energy's parent company — is a diversified conglomerate with interests in power generation, coal mining and trading, ports, aerospace, agriculture and gas distribution. The firm has been expanding its focus on the renewable energy space in recent years.

Adani Green Energy's market capitalisation, which has increased sharply over the past year, is around $20bn. The firm is targeting 25GW of renewable power generation by 2025.

"The investment in [Adani Green Energy] is another step in the strategic alliance between Adani group and Total, which covers investments in LNG terminals, gas utility business, and renewable assets across India," Total said today.

Total said investing in Adani Green Energy, which it described as the largest global solar developer, will be key to hit its objective of "reaching 35GW of gross production capacity from renewable sources by 2025 and adding 10GW per year afterwards."

Total's gross power generation capacity worldwide was around 12GW at the end of 2020, including close to 7GW of renewable energy. "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," Total chief executive Patrick Pouyanne said.

Total has set an ambition to become a net zero company by 2050. As part of the strategy, Total said it is building "a portfolio of activities in renewables and electricity that could account for up to 40pc of its sales by 2050".

Total said at its September strategy presentation it will raise investment on renewables and electricity from $1.5bn/yr in 2015-20 to over $2bn/yr in 2021-25 and more than $3bn/yr in 2026-30.

Total became last week the first oil major to quit the American Petroleum Institute (API) because it disagrees with the influential industry association's position on climate change.

Source: Argus