By Giulia Petroni 
 

Total SA (FP.FR) said Thursday that it plans to create a joint venture with Adani Green Energy Ltd. (541450.BY) by acquiring 50% of a 2-gigawatts solar portfolio for about $500 million.

The French oil giant said the India-based power-generation company, which is part of Adani Group, will transfer its solar assets in operation to the venture.

The projects have a cumulative capacity of 2 gigawatts and benefit from nearly 25-year power purchase agreements at a fixed rate with electricity distributors throughout India, according to Total.

The acquisition, which is still subject to authorities' approval, is part of Total's goal to have double-digit returns on renewables projects, the company said.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

February 06, 2020 04:07 ET (09:07 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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