Adani Green block deal: Total Energies to sell Rs 2,400 cr worth shares today, says report
TotalEnergies is developing solar and onshore wind projects, mainly through joint-venture with Adani Green Energy in India. It also markets integrated solar solutions in the commercial and industrial segments.
- Dec 10, 2025,
- Updated Dec 10, 2025 8:36 AM IST
Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, is likely to see block deals worth Rs 2,400 crore on Wednesday, December 10, as Total Energies is reportedly looking to sell 1.5 per cent stake or 2.47 crore shares in the Adani group firm via block deals. Jefferies is said to be the broker. Floor price, as per CNBC Awaaz, is set at Rs 970 per share.
Investment vehicle Totalenergies Renewables Indian Ocean Ltd held 15.58 per cent stake in AGEL, as of September 30. Besides, Totalenergies Solar Wind Indian Ocean Ltd owned 3.41 per cent stake in the Adani firm during the same period.
TotalEnergies is developing solar and onshore wind projects, mainly through joint-venture with Adani Green Energy in India. It also markets integrated solar solutions in the commercial and industrial segments.
The partnership between the two commenced in 2020 with the formation of AGEL23, a 50:50 joint venture for the operation of 2.3GW of solar projects. In January 2021, TotalEnergies further deepened the relationship by acquiring 20 per cent equity stake in AGEL.
Building on this foundation, the partnership expanded through two additional 50:50 joint ventures in 2023 and 2024 for 1.05GW and 1.15GW of renewable projects respectively. With this, the total capacity under the AGEL–TotalEnergies platform reached 4.5GW, reinforcing AGEL’s access to global best practices, advanced technology, and competitive financing, JM Financial noted last month.
Strategic alliances like the one with TotalEnergies ensure stable funding access, reduce cost of capital, and improve financial flexibility. The integrated nature of its projects, ranging from land acquisition to transmission connectivity, supports high asset uptime and strong Ebitda conversion, JM noted.
Adani Green has shown strong financial performance with revenue growing at a 3-year CAGR of 30 per cent to Rs 11,210 crore in FY25 and Ebitda margin improving from 69 per cent in FY22 to 79 per cent in FY25. Strong internal accruals and infusion of $1.1 billion promoters’ warrant has ensured adequate equity for expansion plans and moderation in net debt/ EBitda from 10.1 in FY20 to 6.4 in FY25, JM said.
"Considering the company’s strong execution track record and group synergies, we value the stock at 14x FY28 EV/Ebitda (run rate Ebitda for 28 GW in FY28) with a target of Rs 1,289 per share," the brokerage said while initiating coverage on the stock last month.
Adani Green Energy Ltd (AGEL), India’s largest and one of the world’s leading renewable energy (RE) companies, is likely to see block deals worth Rs 2,400 crore on Wednesday, December 10, as Total Energies is reportedly looking to sell 1.5 per cent stake or 2.47 crore shares in the Adani group firm via block deals. Jefferies is said to be the broker. Floor price, as per CNBC Awaaz, is set at Rs 970 per share.
Investment vehicle Totalenergies Renewables Indian Ocean Ltd held 15.58 per cent stake in AGEL, as of September 30. Besides, Totalenergies Solar Wind Indian Ocean Ltd owned 3.41 per cent stake in the Adani firm during the same period.
TotalEnergies is developing solar and onshore wind projects, mainly through joint-venture with Adani Green Energy in India. It also markets integrated solar solutions in the commercial and industrial segments.
The partnership between the two commenced in 2020 with the formation of AGEL23, a 50:50 joint venture for the operation of 2.3GW of solar projects. In January 2021, TotalEnergies further deepened the relationship by acquiring 20 per cent equity stake in AGEL.
Building on this foundation, the partnership expanded through two additional 50:50 joint ventures in 2023 and 2024 for 1.05GW and 1.15GW of renewable projects respectively. With this, the total capacity under the AGEL–TotalEnergies platform reached 4.5GW, reinforcing AGEL’s access to global best practices, advanced technology, and competitive financing, JM Financial noted last month.
Strategic alliances like the one with TotalEnergies ensure stable funding access, reduce cost of capital, and improve financial flexibility. The integrated nature of its projects, ranging from land acquisition to transmission connectivity, supports high asset uptime and strong Ebitda conversion, JM noted.
Adani Green has shown strong financial performance with revenue growing at a 3-year CAGR of 30 per cent to Rs 11,210 crore in FY25 and Ebitda margin improving from 69 per cent in FY22 to 79 per cent in FY25. Strong internal accruals and infusion of $1.1 billion promoters’ warrant has ensured adequate equity for expansion plans and moderation in net debt/ EBitda from 10.1 in FY20 to 6.4 in FY25, JM said.
"Considering the company’s strong execution track record and group synergies, we value the stock at 14x FY28 EV/Ebitda (run rate Ebitda for 28 GW in FY28) with a target of Rs 1,289 per share," the brokerage said while initiating coverage on the stock last month.