TotalEnergies Invests $2.5 Billion... Acquires 20% Stake in Indian Renewable Energy Company

[Asia Economy Reporter Park Byung-hee] French energy company Total plans to acquire a 20% stake in Indian renewable energy company Adani Green Energy, the Wall Street Journal reported on the 18th (local time).

Total will invest $2.5 billion (approximately 2.75 trillion KRW) to purchase the stake in Adani. Last year, Total invested $2 billion in the renewable energy sector. It plans to invest $3 billion annually until 2030 to expand its renewable energy business. The $3 billion corresponds to about 20% of its annual investment budget.

Adani is advancing 54 wind and solar energy projects across India. Considering the projects currently underway, Total explained that Adani's solar energy power production is among the largest in the world. India is one of the fastest-growing markets for renewable energy. With the acquisition of Adani's stake, Total will become a leading company in India's renewable energy industry.

The acquisition of Adani's stake is also expected to significantly increase Total's renewable energy power production. Total plans to increase its renewable energy power production to around 35 gigawatts by 2025. Last year's production was about 7 gigawatts.

Major energy companies such as Total, BP, and Royal Dutch Shell have recently been increasing investments in the renewable energy sector. BP acquired a stake in Lightsource Renewable Energy in 2017, and Shell invested in Singapore's Sunseap Group in the same year.

Total also purchased a stake in U.S. solar panel manufacturer SunPower in 2011. However, as SunPower continued to record losses afterward, Total did not benefit from the investment. Currently, SunPower has spun off its panel manufacturing business and is focusing on panel installation.

This content was produced with the assistance of AI translation services.