TotalEnergies May Sell 6% Stake in Adani Green Energy?

TotalEnergies is reportedly preparing to sell up to a 6% stake in Adani Green Energy Limited (AGEL), according to an Economic Times report citing people familiar with the matter. 

The French energy major currently owns nearly 19% in AGEL through two subsidiaries. The potential transaction is seen as the company taking profit after its investment value rose significantly since 2021.

Valuation and Potential Deal Structure

TotalEnergies had acquired its stake in AGEL for about $2.5 billion in 2021. At current market valuations, the investment is valued at close to $8 billion. If the 6% stake is sold at AGEL’s existing market capitalisation of ₹1.69 lakh crore, the French major could realise around ₹10,200 crore (approximately $1.14 billion). Sources indicate that the stake may be offered to Adani Green Energy itself, though the company is yet to formally respond.

Strategic Context and Partnership History

The possible stake sale comes months after TotalEnergies CEO Patrick Pouyanné stated that the company would not expand its green energy partnership with the Adani Group. Total had bought a 20% minority stake in AGEL and half of its operating solar portfolio in 2021, gaining a board seat and strengthening its presence in India’s renewable sector. The companies also jointly run a 1,150 MW solar project portfolio under a JV announced last year.

AGEL’s Growth and Renewable Energy Expansion

Founded in 2015, Adani Green has become one of India’s largest renewable energy developers, with over 16.6 GW of operational capacity and a goal of reaching 50 GW by 2030. It is also constructing the world’s largest renewable energy plant at Khavda, Gujarat, spread across 538 sq km. Apart from renewables, Total and Adani have collaborated extensively in the gas business through a joint venture since 2018.

TotalEnergies’ Debt Reduction Measures

The potential sale is part of a wider strategy by TotalEnergies to reduce debt and optimise capital expenditure. The company is reportedly exploring exits from several renewable assets across Asia and recently announced plans to cut annual capital spending by $1 billion from 2027–2030.

Adani Green Energy Share Price Performance

On November 24, 2025, Adani Green Energy share price (NSE: ADANIGREEN) opened at ₹1,036.90, up from its previous close of ₹1,030.50. At 10:43 AM, the share price of Adani Green Energy was trading at ₹1,021.80, down by 0.84% on the NSE.

Also Read: Adani Enterprises Rights Issue Set to Open on November 25!

Conclusion

TotalEnergies’ move to consider selling part of its AGEL stake reflects both rising asset valuations and its broader financial restructuring strategy. For AGEL, the development comes at a time of aggressive capacity expansion in India’s renewable energy sector.

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