What is the total capital expenditures for the company in 2021-Q2
ion, to remain strong as carriers address their coverage and capacity needs to meet 4G and 5G demand. We are also focused on growing our business sustainably, while driving industry leadership and innovation.
A perfect example of this is what we've been doing in Africa with energy efficiency and renewable energy, where, by the end of 2021, we will have invested upwards of $250 million on lithium-ion batteries, solar power solutions and other energy-efficient technology. While we are still fairly early in the overall progression of these investments, the initial results have been compelling, with average diesel consumption per site declining by around 35%, coupled with improved battery and generator efficiency and elevated uptime levels that we believe are best-in-class. Through these initiatives, not only are we earning an attractive return on investment, but we are also helping to build and enhance a sustainable global digital ecosystem. This approach to capital deployment in Africa and Europe is indicative of our overall global investment philosophy.
We continue to look for compelling opportunities to deploy capital in responsible, sustainable ways where we can generate attractive, long-term returns and solid growth while partnering with large multinational mobile network operators as they bring enhanced connectivity to their customers. And we believe that the global diversification that we've built into the business will benefit us for years to come. Finally, on Slide 14 and in summary, Q2 was another quarter of solid organic growth, margin expansion, meaningful new build activity and consistent dividend growth. This was achieved while closing on and beginning to integrate the vast majority of our Telxius acquisition, issuing over $2 billion in euro-denominated debt at record low rates, completing a successful common equity issuance and partnering with two world-class strategic investors in CDPQ and Allianz.
For all of this, I would like to offer a huge thank you to our nearly 6,000 global employees, including those who have recently joined us from Telxius. Their hard work, unwavering dedication and numerous talents have positioned us extremely well to continue driving compelling total returns for our stockholders. We look forward to finishing 2021 strong and are more excited than ever about our long-term growth trajectory based on the continuing global rise in mobile data demand and our durable competitive advantage throughout our served markets. With that, I'll turn the call back over to the operator for Q&A.
Questions & Answers:
Operator
[Operator instructions] And our first question goes to the line of Rick Prentiss with Raymond James. Please go ahead.
Rick Prentiss -- Raymond James & Associates -- Analyst
Thanks. Good morning, guys. Busy summer for you, guys. 
Tom Bartlett -- President and Chief Executive Officer
It has been.
Rick Prentiss -- Raymond James & Associates -- Analyst
I appreciate you guys breaking out the guidance between consolidated and proportionate AFFO. I think, as you know, that's one of the three things we adjust for from AFFO to FAD. But looking at that item, the $110 million minority interest adjustment for calendar '21, how should we think about what that magnitude looks like when you have a full year of the minority interest in Europe? Just as we think into '22 or '23, what should that delta be looking like? 
Rod Smith -- Executive Vice President, CFO, and Treasurer
Yes, absolutely. So that one there, Rick. Let me give you the big pieces of what's actually driving those numbers. And of course, it's Telxius is in there.
Telxius is in there for the proportionate share of 2021. So of the $110 million roughly, the vast majority of that, of course, is all in the Telxius. The only other ones is with Telxius and then, PGGM, of course, which we now have down in our Germany and Spain areas. And then, we have the small minority interest in India, that's about 8% of the business there.
So the way to think about the $110 million, roughly $85 million of that or so is Telxius, the remainder is India. So
ion, to remain strong as carriers address their coverage and capacity needs to meet 4G and 5G demand. We are also focused on growing our business sustainably, while driving industry leadership and innovation.
A perfect example of this is what we've been doing in Africa with energy efficiency and renewable energy, where, by the end of 2021, we will have invested upwards of $250 million on lithium-ion batteries, solar power solutions and other energy-efficient technology. While we are still fairly early in the overall progression of these investments, the initial results have been compelling, with average diesel consumption per site declining by around 35%, coupled with improved battery and generator efficiency and elevated uptime levels that we believe are best-in-class. Through these initiatives, not only are we earning an attractive return on investment, but we are also helping to build and enhance a sustainable global digital ecosystem. This approach to capital deployment in Africa and Europe is indicative of our overall global investment philosophy.
We continue to look for compelling opportunities to deploy capital in responsible, sustainable ways where we can generate attractive, long-term returns and solid growth while partnering with large multinational mobile network operators as they bring enhanced connectivity to their customers. And we believe that the global diversification that we've built into the business will benefit us for years to come. Finally, on Slide 14 and in summary, Q2 was another quarter of solid organic growth, margin expansion, meaningful new build activity and consistent dividend growth. This was achieved while closing on and beginning to integrate the vast majority of our Telxius acquisition, issuing over $2 billion in euro-denominated debt at record low rates, completing a successful common equity issuance and partnering with two world-class strategic investors in CDPQ and Allianz.
For all of this, I would like to offer a huge thank you to our nearly 6,000 global employees, including those who have recently joined us from Telxius. Their hard work, unwavering dedication and numerous talents have positioned us extremely well to continue driving compelling total returns for our stockholders. We look forward to finishing 2021 strong and are more excited than ever about our long-term growth trajectory based on the continuing global rise in mobile data demand and our durable competitive advantage throughout our served markets. With that, I'll turn the call back over to the operator for Q&A.
Questions & Answers:
Operator
[Operator instructions] And our first question goes to the line of Rick Prentiss with Raymond James. Please go ahead.
 Rick Prentiss -- Raymond James & Associates -- Analyst
Thanks. Good morning, guys. Busy summer for you, guys. 
Tom Bartlett -- President and Chief Executive Officer
It has been.
Rick Prentiss -- Raymond James & Associates -- Analyst
I appreciate you guys breaking out the guidance between consolidated and proportionate AFFO. I think, as you know, that's one of the three things we adjust for from AFFO to FAD. But looking at that item, the $110 million minority interest adjustment for calendar '21, how should we think about what that magnitude looks like when you have a full year of the minority interest in Europe? Just as we think into '22 or '23, what should that delta be looking like? 
Rod Smith -- Executive Vice President, CFO, and Treasurer
Yes, absolutely. So that one there, Rick. Let me give you the big pieces of what's actually driving those numbers. And of course, it's Telxius is in there.
Telxius is in there for the proportionate share of 2021. So of the $110 million roughly, the vast majority of that, of course, is all in the Telxius. The only other ones is with Telxius and then, PGGM, of course, which we now have down in our Germany and Spain areas. And then, we have the small minority interest in India, that's about 8% of the business there.
So the way to think about the $110 million, roughly $85 million of that or so is Telxius, the remainder is India. So