After French energy major Total SA, more foreign investors have shown interest in partnering Adani group in its renewable energy business, its chairman Gautam Adani said on Tuesday.

In April, Total invested about ₹3,707 crore for 50% partnership with Adani Green Energy in a joint venture that will house 2.148 gigawatts (GW) of operating solar power projects across 11 States in India.

“We have headroom for diluting 10-15% stake in Adani Green Energy,” he said on a call to announce Adani Green Energy winning the world’s largest solar order to build an 8 GW photovoltaic (PV) power plant along with a domestic solar panel manufacturing unit at an investment of ₹45,000 crore. The execution of the order is expected to create 4 lakh direct and indirect jobs.

Total, he said, was “very much interested” in expanding partnership with Adani.

Promoters hold 75% of Adani Green Energy. Foreign investors are interested in investing in renewable energy in India with local partners, he added.

15 GW under the belt

“A couple of more partners are also talking to us (for Adani Green Energy),” he said, without giving details.

“With this win, AGEL will have 15 GW capacity under operation, construction or under contract, thereby accelerating its journey towards becoming the world’s largest renewables company by 2025. This award will take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025 which, in turn, will see it committing an investment of ₹1,12,000 crore in the renewable energy space over the next five years,” the company said in a statement.

Based on the award agreement, 8 GW of solar development projects will be implemented over the next five years. The first 2 GW of generation capacity will come online by 2022 and the subsequent 6 GW capacity will be added in 2 GW annual increments through 2025.

Multi-location project

The projects will include a variety of locations, including a 2 GW single-site generation project that is tied for the rank of the largest single-site project announced globally.

“The solar cell and module manufacturing capacity of 2 GW will be established by 2022 and along with the existing 1.3 GW of capacity, will further consolidate the group’s position as India’s largest solar manufacturing facility,” the statement added.

The Adani group has committed to invest over 70% of its budgeted capital expenditure into clean energy and energy-efficient systems so as to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030.

Mr. Adani said the investment for the latest contract would be funded through a combination of debt and equity.

He expressed confidence in procuring debt for the project over the next five years.

Investment in gas arm

Total had previously bought a 37.5% in the group’s other company, Adani Gas Ltd. The two companies plan to invest in infrastructure and assets worth over $1 billion, which span LNG infrastructure and marketing and the fuel retail business.

AGEL shares rose 4.98% to their 52-week high of ₹312.75 on the BSE on Tuesday, valuing the company at ₹48,914.5 crore.

(With inputs from Piyush Pandey in Mumbai)