French energy company TotalEnergies is considering selling a stake of up to 6% in Adani Green Energy (AGEL), a transaction that could bring nearly INR 10.2 bn (USD 1.14 bn) to Total’s offers, Economic Times reports. AGEL also counts Gulf investors among its shareholders, including the Qatar Investment Authority (2.7%) and Abu Dhabi’s International Holding Company, which invested USD 2 bn across AGEL and two other Adani Group companies.

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What’s on the block? TotalEnergies holds nearly 19% in AGEL through two subsidiaries — 15.58% via TotalEnergies Renewables Indian Ocean and 3.41% through TotalEnergies Solar Wind Indian Ocean. The company acquired its AGEL stake in 2021 for USD 2.5 bn, and the holding is now valued at close to USD 8 bn, the news outlet added.

Strategic signals: TotalEnergies CEO Patrick Pouyanne signalled in September that the company may be open to reducing its stake in AGEL. The firm has been evaluating its position as part of an internal review of its renewable assets in India to reduce its debt burden, the news outlet added.

Partnership continues: Last year, the two companies formed a joint venture overseeing 1.15 GW of solar capacity, backed by an INR 39.6 bn (USD 444 mn) commitment from TotalEnergies. They also jointly operate a gas venture launched in 2018, where each partner holds 37.4%, including interests in Dhamra LNG Port in Odisha.

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