French energy giant Total has invested more than US$487 million to form a renewable power joint venture with India’s Adani Group.
The deal, just finalised, splits the ownership 50-50 between Total and the Indian conglomerate’s Adani Green Energy unit.
The French company is pursuing clean energy amid the global push toward lower carbon dioxide emissions.
Despite India’s current nationwide lockdown, Total sees demand for renewable energy growing in the long run as the Indian government tackles air pollution as part of a clean energy push.
T
he joint venture takes over Adani’s solar projects, which span 11 Indian states and field a total power generating capacity of roughly two gigawatts (GW).
Through the partnership with Total, Adani plans to expand all renewable energy capacity, including solar, to 25GW by 2025.
The Indian government seeks to double renewable energy output to 175GW in 2022, up from 86GW as of November 2019.
The federal government of Prime Minister Narendra Modi targets capacity of 450GW in the long term, focusing on solar energy.
State authorities have been accepting bids from private-sector companies to develop renewable energy projects nationwide.
Winning enterprises build the generators and sell power.
Under this framework, both conglomerates and startups have increased investment in the green energy sector.
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One Response
At the risk of sounding like I’m raking over old coals (no pun intended) this project between Adani and Total just serves to emphasize why the Galilee Basin coal mine is such a stupid and unnecessary project. Time for Federal and Qld State governments to show courage and leadership and shut this horror saga down.