Mumbai, Dec 10: Adani Green Energy Ltd (AGEL), India’s largest renewable energy company, is set to witness block deals worth ₹2,400 crore on Wednesday as Total Energies plans to sell 1.5% stake (2.47 crore shares) in the firm. Jefferies has been appointed as the broker for the transaction, and the floor price is reported at ₹970 per share, according to CNBC Awaaz.
As of September 30, Totalenergies Renewables Indian Ocean Ltd held a 15.58% stake in AGEL, while Totalenergies Solar Wind Indian Ocean Ltd owned 3.41%, highlighting the company’s long-standing investment in the Adani group firm.
Total Energies AGEL Partnership
The collaboration began in 2020 with the formation of AGEL23, a 50:50 joint venture operating 2.3GW of solar projects. In 2021, Total Energies acquired a 20% equity stake in AGEL, deepening the partnership. This expanded further through two additional 50:50 joint ventures in 2023 and 2024, covering 1.05GW and 1.15GW of renewable projects respectively. Collectively, the platform now oversees 4.5GW of clean energy capacity, providing AGEL with access to global best practices, advanced technology, and competitive financing, according to JM Financial.
Strategic alliances with Total Energies have enabled stable funding, lower cost of capital, and greater financial flexibility. AGEL’s integrated project model from land acquisition to transmission connectivity supports high asset uptime and strong EBITDA conversion.
Strong Financial Performance
Adani Green has delivered robust growth with revenue rising at a 3-year CAGR of 30% to ₹11,210 crore in FY25. Its EBITDA margin improved from 69% in FY22 to 79% in FY25. Strong internal accruals and a $1.1 billion promoter warrant infusion have ensured adequate equity for expansion and reduced net debt/EBITDA from 10.1 in FY20 to 6.4 in FY25, JM Financial noted.
The brokerage has valued the stock at 14x FY28 EV/EBITDA, targeting ₹1,289 per share, citing AGEL’s strong execution track record and group synergies.