Paris (AFP)

Total announced on Monday the acquisition from the Indian group Adani of a 20% stake in Adani Green Energy Limited (AGEL), presented as the world's leading solar developer, a new step in the oil group's diversification into renewable energies.

The companies have agreed that Total will acquire "a 50% stake in an operating solar portfolio of 2.35 GWac held by AGEL and a 20% stake in this company, for a total amount of 2.5 billion dollars, "the French group said in a statement.

With this minority stake in AGEL, Total will have a seat on the board of directors.

Total and Adani were already linked by a partnership in energy since 2018, which had materialized for Total by an acquisition of a stake in Adani Gas Limited for the distribution of gas in India with the associated investments in LNG terminals (gas liquefied natural) and the marketing of gas.

India and its 1.3 billion inhabitants are seeking to get out of their great dependence on highly polluting coal by focusing on natural gas but also renewable energies.

AGEL, launched in 2015 with the largest solar site project in the world located in Kamuthi, Tamil Nadu (648 MW) "has become the leading solar developer in the world," Total emphasizes.

The company has 3 GW of renewables in operation, 3 GW in construction and 8.6 GW in development.

AGEL wants to reach 25 GW of electricity generation capacity from renewable energies by 2025.

This acquisition should help Total achieve its own development objectives in renewables.

This year will be "as active" as 2020 for the group in this area, recently promised the CEO of Total, Patrick Pouyanné.

Since the start of the year, the oil and gas giant has bought the largest French producer of biogas and created a joint venture in the United States to develop solar projects there.

"Our acquisition of a stake in AGEL is a major step in the strategy implemented with Adani in renewables in India," said Patrick Pouyanné, quoted in the press release.

"Given the size of its market, India is the privileged country to implement our energy transition strategy based on the two pillars of renewables and natural gas," he stressed.

© 2021 AFP