Sun shines for Adani as energy giant Total buys 50% in solar business for $510 million

NEW DELHI, Feb. 14 -- French energy giant Total SA has agreed to acquire 50% in Adani Group's solar assets for $510 million, in one of the biggest transactions in India's clean energy industry.

Total will own half of a joint venture company that will house the solar assets of Adani Green Energy Ltd, which has a 2,148MW solar project portfolio across 11 states, the companies said in a joint statement on 6 February. Adani Green Energy will own the balance 50% in the joint venture. The transaction, the second major proposed investment by the French energy major in a company controlled by billionaire Gautam Adani, comes amid a tough phase for India's clean energy sector. The renewable energy industry is facing a tight lending environment, moun...