Total has acquired a stake in India’s Adani Green Energy (AGEL), a move that continues to push the French oil major ahead of its European peers when it comes to renewables.
AGEL has 3 gigawatts of operating renewable capacity, another 3 GW under construction and 8.6 GW in development, adding up to 14.6 GW. The company is targeting a total of 25 GW by 2025. It claims to be the world’s largest solar developer. In June 2020, it won the world’s largest solar tender, an 8 GW auction in India.
Total’s new stake in AGEL follows its move in February 2020 to create a 50-50 joint venture with AGEL for solar development via a vehicle made up of 2.1 GW of AGEL assets. That figure was bumped up to 2.3 GW in October as AGEL contributed some additional projects. Total invested $510 million for its share.
Total is aiming for 35 GW of operational renewable energy assets by 2025, up from an earlier target of 25 GW. Beyond 2025, Total hopes to add another 10 GW every year. It is currently sitting at 7 GW of operational assets but has been aggressively acquiring project pipelines including a series of mega-deals in 2020.
Total has had a huge 12 months in renewable energy acquisitions and pipeline development. Across wind, solar and storage, the firm has tapped 16.8 gigawatts’ worth of projects (on a gross basis; 12.6 GW net) in a 12-month period. That’s including its 20 percent stake in AGEL’s projects that are not covered in the pair’s existing joint venture.