TotalEnergies weighs sale of up to 6 per cent stake in Adani Green

TotalEnergies is reportedly preparing to sell up to 6 per cent of its holding in Adani Green Energy Limited. The stake is valued at about USD1.14 billion, and the company is exploring the move to realise part of the gains from its investment.

TotalEnergies holds nearly 19 per cent in Adani Green through two subsidiaries. It invested USD2.5 billion in 2021. The proposed sale is being examined by Adani Green, which may consider buying the shares. The Economic Times reported that the planned transaction could fetch close to Rs 10,200 crore.

The company acquired a 19.75 per cent stake in January 2021 as part of its plan to strengthen its renewable presence in India. The value of its holding has risen sharply. The stake is now estimated at almost USD8 billion. The company is looking to monetise a portion of its shares to lock in profits.

TotalEnergies is also reviewing sales of other Asian renewable assets as it seeks to reduce debt. Reuters reported that the company plans to lower annual capital expenditure by USD1 billion between 2027 and 2030 as part of a USD7.5 billion cost reduction plan.