Striking one of the best deals until now, the solar sector of the country experiences yet another kick as Total SA, a French energy company agrees to take over 50 percent of the Adani Group’s assets in the solar sector for a healthy $510 Million. The Adani Green Energy Limited that has its operations spread across 11 states throughout the country with the generation of 2,148 Megawatt power will now become a joint venture with Total which will own half of its solar assets in the country.
In a situation when the solar sector of the country is facing constraints and banks are not ready to make smooth lending activities with solar energy developers and producers, this deal is coming as a blessing to the solar energy sector a s whole. The
country is facing circumstances where banks are unsure about the viability of solar projects which is stopping them from extending credits. This foreign invest has been said to be the second most valued investment that has been proposed by the French company.
All the projects that are currently under the Adani Group including the ones that is under construction comprise up to 6 Gigawatt power. It has also extracted successful bids in the projects by Solar Energy Corporation of India and achieved a tender of 8 Gigawatt for the setting up of solar power capacity.
As far as the Indian scenario is concerned, the sector is projected to produce a sum total of 175 Gigawatt of clean energy by the year of 2022. This has been proposed as one of the country’s climate change commitments on a global scale. 100 Gigawatt of manufacturing plants will be soon added to the existing solar structures of the country and also rooftop projects up to 40 gigawatt power will be installed.
“Total is fully engaged in the energy transition and to supporting India, a key country in the fight against climate change, in diversifying its energy mix through partnerships in natural gas and now in solar energy," Total chief executive officer CEO Patrick Pouyanne said in the statement. He added, “This interest in over 2GW of solar projects represents a real change of scale of our presence in India’s renewable energy sector, which has very significant growth potential in the coming years. It will contribute to our ambition to deploy 25GW of renewable energy by 2025."