Tycoon Adani to raise US$2.5bil from green deal with Total SE

Paris-based Total will acquire 20% of Adani Green Energy Ltd and a board seat as well as a 50% stake in a portfolio of operating solar assets with 2.35 gigawatts capacity, the company said yesterday in a statement

MUMBAI: Indian billionaire Gautam Adani is raising US$2.5bil from a deal that includes the sale of a minority stake in his renewables business to French energy giant Total SE, a transaction that may help the tycoon cut group debt.

Paris-based Total will acquire 20% of Adani Green Energy Ltd and a board seat as well as a 50% stake in a portfolio of operating solar assets with 2.35 gigawatts capacity, the company said yesterday in a statement, confirming an earlier report by Bloomberg News. But shares of Adani Green have more than quadrupled in value in the past year in Mumbai, giving the company a market value of about US$20bil.