French Total has invested $ 2.5 billion in Adani Green Energy Limited, which is considered the world’s largest in the solar energy industry.
Investments made by globally operating oil companies in renewable energy solutions have started to increase recently. News of an important agreement on solar and wind energy investments that are gradually replacing fossil fuels came from French oil giant Total SE. The company invested in India-based Adani Green Energy Limited, the manufacturer of the world’s largest solar photovoltaic solutions.
The French company will pay $ 2.5 billion for Adani’s 20% stake. In this way, Total will reach its planned targets more easily in the transition from fossil fuels to low carbon sources, which has gained momentum with the effect of the Kovid-19 pandemic.
As it is known, the major players of the oil sector, companies such as BP and Royal Dutch Shell, have recently decided to invest in renewable resources in order to reduce their carbon emissions. When we look at Total, we see that the company invested $ 2 billion in renewable resources last year. By 2030, the company will invest 20% of its annual investment budget, that is, 3 billion dollars a year, in renewable resources.
Total’s investment in Adani will enable the company to have a say in one of the world’s largest renewable energy markets. Adani has 54 solar and wind energy projects across the country. With this move, Total will get one step closer to the company’s 2025 plan, its 35 gigawatt renewable energy target. The company had 7 gigawatts of renewable energy capacity last year.