On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country.
The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030.
Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities.
Total’s green capacity targets may be more pressing than the risk of further Adani problems.
Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.
Persons:
Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin
Organizations:
Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson
Locations:
Indian, Ahmedabad, Queensland, BENGALURU, –, India