French
energy giant Total on Monday acquired 20% direct stake in India’s Adani Green
Energy Limited (AGEL) by paying $2.5 billion, AFP reports.

“Taking
a stake in AGEL is a major step in the strategy put in place with Adani in
renewable energy in India,” Total’s chief executive Patrick Pouyanne said
in a statement.

“Given
the size of its market, India is the right country to put in motion our
strategy for energy transition based on the two pillars of solar and natural
gas,” he added.

According to the French oil corporation, with the investment, Total’ would gain an additional 50% holding in a portfolio of
solar energy assets along with 20% direct stake operated by AGEL, part of the Adani group.

The
two companies, Total and AGEL,  have had a partnership accord since 2018, when Total acquired a
stake in Adani Gas Limited.

Total
described AGEL as the world’s biggest solar energy developer. It
operates 3.0 gigawatts of renewable energy assets, with another 3.0 GW under
construction and 8.6 GW in development.

Adani Green Energy Limited is India’s major solar energy producer, as it diversifies away from fossil fuels into
renewables.

India relies heavily on coal but has been moving into renewable and natural gas in an effort to reduce damaging pollution levels and costs.