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Total To Buy 50% Stake In Adani Group's 2 GW Solar Portfolio

French energy giant Total SA (TTA.L,TTFNF.PK,TOT) announced Thursday an agreement with Adani Group, India's largest privately-owned energy and infrastructure conglomerate, for the growth of solar power generation in the country.

Total would acquire 50 percent of a 2 GW Solar Portfolio of Adani Green Energy Limited or AGEL, 74.92% owned by the Adani Group.

Total and AGEL will create a 50/50 joint venture into which AGEL will transfer its solar assets in operation. These projects are spread over 11 Indian states and have a cumulative capacity of over 2 gigawatts or GW. All the projects benefit from nearly 25-year power purchase agreements or PPA with national and regional electricity distributors, with a fixed rate.

The company said the deal has a value of approximately $500 million and is in line with its objective of double-digit returns on renewable projects.

The transaction remains subject to the approval of the relevant authorities.

In India, the government aims to increase renewable energy from its 81 GW in 2019 to 225 GW by 2022.

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