Total CEO reviews projects with Gautam Adani

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Total CEO reviews projects with Gautam Adani

French supermajor Total S A CEO Patrick Pouyanne made a day-long visit to India to review the gas and renewable energy projects his firm has with Adani Group. Pouyanne flew into Ahmedabad on Monday on a day-long visit to hold reviews of joint ventures with Adani Group.

“Always a pleasure to host my friend, business partner, and CEO of TOTAL @PPouyanne at our Ahmedabad HQ. Easily one of the boldest and transformational champions of Green Energy I have known,” Adani Group Chairman Gautam Adani tweeted after the meeting. He did not offer details of the meeting, but sources said the visit of Pouyanne, the first in a year, was purely for business review.

He left the country soon after. Total has joint ventures with Adani Group firms for city gas distribution, LNG import terminal, and renewable energy projects.

In February this year, Total and Adani Green Energy Ltd (AGEL) created a 50:50 joint venture into which AGEL transferred its solar assets in operation. These projects are spread over 11 Indian states and have a cumulative capacity of over 2 GW. All the projects benefit from nearly 25-year power purchase agreements (PPA) with national and regional electricity distributors, with a fixed rate, according to the announcement made at the time of the formation of the joint venture.

The French firm also has a 50:50 joint venture with Adani for constructing a 5 million tonnes a year LNG import terminal at Dhamra in Odisha, where gas will be imported for sale into India. It has a 37.4 per cent stake in Adani Gas Ltd, the publicly-traded company for city gas distribution. AGL holds 38 licenses for the sale of CNG to automobiles and piped cooking gas to households.

The two firms are also looking at developing a network of fuel stations (2,500 in 15 years) through Total Adani Fuel Marketing, a 100 per cent affiliate of AGL..

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