Share prices of Adani Green Energy Ltd fall to Rs 920.55 a piece

Share prices of Adani Green Energy Ltd fell as much as 2.84 per cent to Rs 920.55 a piece on BSE today. The said shares have corrected nearly 25 per cent in less than two months from the 52-week high of Rs 1,220 a piece.

Today was also the day when French oil and energy group Total acquired a 20 per cent minority stake in Adani Green Energy Limited (AGEL) from the Adani Group for a global investment of $2.5 billion. Moreover, the stake purchase in AGEL would give Total a seat in the Board of Directors of the company.

Back in 2018, Total and Adani had struck a partnership with investment by Total in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business. “During the development of this partnership, it was further agreed that Total and Adani would continue this alliance into the wider renewable energy space. Both the entities agreed to the acquisition of a 50 per cent stake in a 2.35 GWac portfolio of operating solar assets owned by AGEL,” Total said in a press release.

As on date, AGEL has over 14.6 GW of contracted renewable capacity with an operating capacity of 3 GW and another 3 GW under construction and 8.6 GW under development. By 2025, Adani Green Energy Ltd aims to achieve 25 GW of renewable power generation.