Total Energies illustrated, they could convert a small part of its 20% stake in Adani Green Energy to cash in a leap towards the valuation of the Indian renewable energy production.
Total Energies bought a 20% stake in Adani Green previous year for $2 billion, which is presently worth approximately around $10 billion.
Adani Green’s shares have crossed over 54% in 2022 so far, and that makes the world to tempt one of its major stakeholders, the France-based Total Energies.
An analyst mentioned, “Total Energies’ CEO Patrick Pouyanne announced that the rally in Adani Green is a “source of potential cash”, implying that the energy giant could reduce its stake and book profits while the stock is still up“.
Patrick Pouyanne, the chief executive officer of TotalEnergies, said in response to a question during an investor presentation on Wednesday that “The appreciation in value is a source of potential cash. In an interview in New York, Pouyanne said his company has no plan right now to cut its holding, and if it did so, any reduction would be small and only to recoup some of its initial investment.”
Gautam Adani, Asia’s richest man, has promised to subsidize around $70 billion in the whole green energy supply chain by 2030. His empire intends to become the world’s largest renewable power producer by the end of this decade.
