Total has successfully issued €3bn of bonds to finance its development strategy, mainly acquisitions, in renewables, in particular €1.7bn for the acquisition of a 20 per cent interest in Adani Green Energy Limited (AGEL).

Jean-Pierre Sbraire, CFO at Total, said: “These hybrid bonds provide a cost of capital comparable to that of pure players in renewables and is therefore suited to finance acquisitions in this business. These bonds will finance in a very competitive way our development in renewables, which is at the heart of our strategy to transform Total into a broad energy company.”

AGEL, started in 2015 with the world’s largest single location solar power project located in Kamuthi, Tamil Nadu (648 MW), and AGEL now has over 14.6 GW of contracted renewable capacity, with an operating capacity of 3GW, another 3 GW under construction and 8.6 GW under development. The company aims to achieve 25 GW of renewable power generation by 2025.

The partnership with AGEL in the renewables space in India will be a key contributor to Total’s objective of reaching 35GW of gross production capacity from renewable sources by 2025 and adding 10GW per year afterwards.

As part of its ambition to get to net-zero by 2050, Total is building a portfolio of activities in renewables and electricity that could account for up to 40 per cent of its sales by 2050.

At the same time, Total has withdrawn from the American Petroleum Institute (API) following a detailed analysis of its climate positions and will not to renew its membership for 2021. API's positions were assessed as "partially aligned" with those of Total, and in particular there was divergence on API’s support of rollback of U. regulation on methane emissions, opposition to subsidies for electric vehicles and carbon pricing.

Moreover, API gave its support during the recent elections to candidates who argued against the US participation in the Paris Agreement.

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