Global energy major Total will pick up a 20 per cent stake in Adani Green Energy Ltd (AGEL), the renewable power company of the Adani group, by way of acquiring shares held by the promoter group.

The transaction marks the deepening partnership between the Adani Group and TOTAL.

In 2018, TOTAL and Adani embarked on the energy partnership with investment by TOTAL in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business. TOTAL acquired 37.4% stake in Adani Gas Limited and 50% stake in Dhamra LNG project. During the development of this partnership, it was further agreed that TOTAL and Adani shall continue this alliance into the wider sustainable energy space. TOTAL and Adaniagreed the acquisition ofa 50% stake in a 2.35GWacportfolio of operating solar assets owned by AGEL and a 20% stake in AGEL for a global investment of USD 2.5 billion.

Speaking on the occasion, Adani Group Chairman, Gautam Adani, said, "We are delighted to deepen our strategic alliance with TOTAL, a global energy major, and welcome them as a significant shareholder in Adani Green Energy Limited. We have a shared vision of developing renewable power at affordable prices to enable a sustainable energy transformation in India. We look forward to working together towards delivering India's vision for 450 GW renewable energy by 2030."

Speaking on the occasion, TOTAL SE CEO, Patrick Pouyann, said, "This agreement is an important step in our alliance with the Adani Group in India and our common vision and goals with respect to the importance of access to low carbon energy in India. Our entry into AGEL is a major milestone in our strategy in the renewable energy business in India put in place by both parties, which began with our first joint venture 2.3GW of renewable capacity. Given the size of the market, India is the right place to put into action/to deploy our energy transition strategy based on two pillars: renewables and natural gas."

The Adani Promoter Group was represented by Clifford Chance and Cyril Amarchand Mangaldas. TOTAL was represented by Latham & Watkins and AZB Partners.