Page 11 - AsiaElec Week 03 2021

AsiaElec RENEWABLES AsiaElec

Total takes 20% stake in

India’s Adani Green Energy

INDIA FRANCE’S Total has paid $2.5bn to buy a 20% Total, said: “This agreement is an important step
stake in India’s Adani Green Energy Ltd (AGEL) in our alliance with the Adani Group in India
from Adani Group in a move that extends the and our common vision and goals with respect to
partnership between the two energy giants’ gas the importance of access to low-carbon energy in
and LNG interests. India. Our entry into AGEL is a major milestone
Total has bought both a 20% stake in AGEL in our strategy in the renewable energy business
and a 50% stake in a 2.35-GW portfolio of oper- in India put in place by both parties. Given the
ating solar assets owned by AGEL, as well as a size of the market, India is the right place to put
seat on the AGEL board. into action our energy transition strategy based
Both Total and Adani aim to develop India’s on two pillars: renewables and natural gas.”
transition to greener energy and are building on Adani group chairman Mr. Gautam Adani
their current strategic alliance in the LNG and added: “We are delighted to deepen our strate-
gas businesses, which began in 2018. gic alliance with Total, a global energy major,
Total wants its new partnership with AGEL and welcome them as a significant shareholder
to be a key contributor to its objective of reach- in Adani Green Energy Ltd. We have a shared
ing 35 GW of gross production capacity from vision of developing renewable power at afforda-
renewable sources by 2025, and adding 10 GW ble prices to enable a sustainable energy trans-
per year afterwards. formation in India. We look forward to working
AGEL has over 14.6 GW of contracted renew- together towards delivering India’s vision for 450
able capacity, with an operating capacity of 3 GW GW [of] renewable energy by 2030.”
and another 3 GW under construction and 8.6 Total is looking to improve its green footprint
GW under development. The company aims to as it comes under pressure from investors to
achieve 25 GW of renewable power generation decarbonise its operations, curb emissions and
by 2025. boost renewable energy output. It has left the
Patrick Pouyanné, chairman and CEO of American Petroleum Institute (API).™

NEWS IN BRIEF

COAL-FIRED GENERATION governors it would “provide support for were in Japan, according to analysis from the
a variety of infrastructure projects that Center for Research on Energy and Clean Air.
Japan uses ‘environmental’ contribute to environmental preservation” like
public transport and wind power.
fund to finance Vietnamese the “development of quality infrastructure for INVESTMENT
However, the bank’s press releases show
coal plant environmental preservation and sustainable
growth” (QI-ESG) fund has supported
The Japan Bank for International Cooperation five gas-fired power projects, compared to ADB, EIB Join Forces to
approved a loan to the controversial Vung two in wind power and one in solar panel Protect Oceans, Support the
Ang 2 coal project from a facility intended for manufacturing. A total of 220 billion yen
“environmental preservation” ($2bn) had been allocated to 11 projects as Blue Economy
A Japanese state-owned bank is using of November 2020, the finance ministry told
a green fund to finance a Vietnamese Fukushima. The Asian Development Bank (ADB) and
coal power plant, sparking accusations of A policy presentation dated August 2020 the European Investment Bank (EIB) today
“egregious greenwashing”. by a senior JBIC official lists gas and high- formed a new Clean and Sustainable Ocean
The Japan Bank for International efficiency coal-fired power generation as Partnership to support initiatives in Asia
Cooperation (JBIC) announced last month eligible for “environmental” funding, despite and the Pacific to help meet the Sustainable
it would invest $636mn in the controversial the fact burning fossil fuels is the main driver Development Goals (SDGs) and the climate
Vung Ang 2 project, through its Growth of global warming. goals of the Paris Agreement.
Investment Facility. ung Ang 2 is a planned 1,200 MW plant The partnership will strengthen the
In response to questions from opposition in central Vietnam. It will be built next to the capacity of ADB and EIB to support high-
lawmaker Mizuho Fukushima, the finance existing Vung Ang plant. According to local impact projects. Both institutions will finance
ministry revealed the loan came from a part media, in 2017 local residents blocked coal activities aimed at promoting cleaner oceans
of the facility targeted at “environmental trucks leading to this plant in protest at the through the reduction of land-based plastics
preservation,” Climate Home News reported. pollution and road damage they cause. and other pollutants discharged into the
Launching the facility in May 2018, The plant will emit several times more ocean, as well as projects to improve the
Japanese finance minister Taro Aso told sulphur dioxide, nitrogen oxide and fine sustainability of socioeconomic activities
a meeting of Asian Development Bank particulate matter than would be allowed if it that take place in oceans or use ocean-based

Week 03 20•January•2021 www. NEWSBASE .com P11