India: Total Expands its Partnership with Adani to Renewables and Acquires 50% of a 2 GW Solar Portfolio

PVTIME – As part of its strategy to develop renewable
energies, Total is expanding its partnership with Adani Group, India's largest
privately-owned energy and infrastructure conglomerate, in order to contribute
to the growth of solar power generation in the country.

Indeed, the Indian government has a strong policy to support the renewable
energy growth. The country’s capacity should increase from its 81 gigawatts
(GW) in 2019 to 225 GW by 2022.

Total and Adani Green Energy Limited (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 GW. All the projects benefit from nearly 25-year power purchase
agreements (PPA) with national and regional electricity distributors, with a
fixed rate.

Total is fully engaged in the energy transition and to supporting
India, a key country in the fight against climate change, in diversifying its
energy mix through partnerships in natural gas and now in solar energy,"
said Patrick Pouyanné, Chairman & CEO of Total. “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. We are thrilled to extend the
partnership with the Adani Group to renewable energies, which will allow us to
benefit from its in-depth knowledge of the Indian electricity market.

This transaction has a value of approximately $500 million and is in line
with the Group’s objective of double-digit returns on renewable projects. It
remains subject to the approval of the relevant authorities. 

Total and Low-Carbon Electricity

Total integrates climate change into its strategy and is staying ahead of
new energy market trends by building a portfolio of low-carbon businesses that
could account for 15 to 20% of its sales by 2040. Total's gross low-carbon
power generation capacity worldwide is currently close to 7 gigawatts, of which
over 3 gigawatts from renewable energies.

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