SUBSCRIBE
PROFILE

TotalEnergies suspends investments with the Adani Group in India

In response to corruption accusations against Adani executives, TotalEnergies announces the suspension of any new investments with its Indian partner while affirming that it is not involved in the alleged actions.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

TotalEnergies, a French energy giant, has announced that it is halting any new financial contributions related to its partnerships with the Indian Adani Group. This decision follows the corruption indictment of Gautam Adani, the conglomerate’s founder, by U.S. authorities.

Corruption accusations against Adani

The Adani Group is under scrutiny following the indictment of its leader in a New York federal court. The allegations involve supposed payments of several hundred million dollars to secure contracts in the renewable energy sector in India, which reportedly caused harm to U.S. investors. These revelations triggered a significant drop in the group’s stock at the Bombay Stock Exchange, although a recovery was observed later in the week.

Financial ties between TotalEnergies and Adani

In an official statement, TotalEnergies clarified that its existing investments in the Adani Group comply with applicable laws and its own governance standards. The French group currently holds a 19.75% minority stake in Adani Green Energy Limited (Agel) and a 50% share in three joint ventures operating assets in the renewable energy sector.

Precautionary measures by TotalEnergies

The group added that it is not targeted by the accusations made by U.S. authorities, nor is it involved in the alleged acts of corruption. However, the company emphasized that it is closely monitoring the situation and will take all necessary steps to protect its interests, both as a shareholder and a business partner.

Implications for business relationships

Despite these reassurances, TotalEnergies announced that no new funding will be committed with the Adani Group until the legal situation of the executives and its implications are clarified. This decision, although limited, marks a strategic shift in the relationship between the two companies.

Repercussions for the Adani Group

The Adani conglomerate, known for its diversified activities spanning solar energy, mining, and port infrastructure, is under increasing pressure in financial markets. Investors are now closely watching the potential repercussions of these allegations on its global operations.

  • Popular on energynews.pro
UK creates taskforce to strengthen energy resilience after Heathrow outage
Japan approves partial restart of Kashiwazaki-Kariwa nuclear power plant
Illinois clarifies county authority over solar siting
Aramco deploys autonomous AI agents to optimise Fadhili gas plant
Frontera splits operations to unlock asset value in Colombia
Cypress Creek secures financing for 505 MW solar project in Texas
Cypress Creek Renewables begins construction of the Hanson Solar project in Texas, backed by structured financing combining debt and equity, to support the ERCOT grid and supply Meta’s operations.
India’s solar industry enters critical phase of forced consolidation
Facing massive overcapacity, US tariff pressures and rapid technological change, India's solar module sector is preparing for major industrial restructuring dominated by a few integrated groups.
Econergy connects 52MW solar park in Poland under contract with Apple
Econergy has connected its 52MW solar project in Resko, Poland, to the grid, supported by a 19-year virtual power purchase agreement signed with Apple.
Green Growth and K2 convert a FIT solar plant to FIP with storage
Green Growth and K2 Holdings begin converting a solar park to an FIP scheme, including battery installation, to improve profitability in a region heavily affected by production curtailment.
Arevon launches $200mn solar plant construction in Illinois
Arevon Energy has initiated construction of its first utility-scale solar project in Illinois, with a 124-megawatt capacity and $200mn in private investment to support U.S. energy demand.
Neoen divests 760 MW of operational assets to Plenitude in France
French renewable energy producer Neoen has signed an agreement with Plenitude to sell 52 assets totalling 760 MW of capacity on the French market.
France: the government launches an observatory to monitor 1,600 agrivoltaic projects
A national tool led by ADEME lists agrivoltaic installations across France to support their regulatory oversight, as the sector sees rapid growth following the 2023 law.
VALOREM commits 500 hours of job inclusion on its solar park in Aveyron
The construction site of the future photovoltaic park in La Couvertoirade plans to hire four people in job inclusion, as part of a partnership between VALOREM and the Union Départementale des Structures d’Insertion par l’Activité Économique de l’Aveyron.
Abraxas begins Solar City works, Maldives’ first special economic zone project
Abraxas Power Corp. has launched land reclamation operations for Solar City, a 100-megawatt floating solar project in the Maldives, following environmental approval. The total zone investment exceeds USD187mn.
Astronergy and Alfa Solar invest $200mn in solar plant in Turkey
Alfa Solar and Astronergy Europe are partnering to build an integrated solar wafer and cell facility with 2.5 GW capacity in Balıkesir’s organised industrial zone.
Global renewable energy investment growth slows to 7.3% in 2024
Despite reaching a record $807bn in 2024, renewable energy investment growth slowed sharply, with funding heavily concentrated in advanced economies and China.
Newheat equips Corrèze greenhouse with 7,000 m² of solar thermal collectors
French renewable heat provider Newheat has inaugurated the largest agricultural solar thermal plant in the country, supplying the Les Tomates d’Auïtou site with 5,400 MWh annually.
First Solar invests $330mn in new solar factory in South Carolina
First Solar launches a $330mn industrial project in Gaffney to add 3.7 GW of domestic solar capacity and create over 600 jobs, strengthening its manufacturing presence in the United States.
Ecopetrol acquires 0.6 GW solar portfolio from Statkraft for $157.5mn
Ecopetrol has finalised the acquisition of solar assets in Colombia from Statkraft for $157.5mn, adding more than 0.6 GW of installed capacity to its energy portfolio.
Kuwait launches tender for 500 MW solar project
The Kuwaiti government has invited six international consortia to submit bids for a new 500-megawatt solar project under phase III of the Al Shagaya complex.
Exowatt raises $50m to speed up solar unit deployment near AI data centres
Exowatt strengthens its capital to industrialise its P3 solar solution and meet the strong demand from AI-powered data centres across the United States.
T1 Energy injects $100mn to relaunch G2_Austin and accelerates G1_Dallas output
US-based T1 Energy strengthens its industrial footprint with two successive capital injections and prepares for the launch of its G2_Austin facility, while doubling production at its G1_Dallas site in the fourth quarter.
Velto Renewables takes full control of Les Îlots Blandin floating solar plant
Velto Renewables becomes the sole owner of Europe's largest floating solar power plant after finalising the transaction with Q ENERGY, strengthening its presence in France.
Voltalia commissions 126 MW Sarimay solar power plant in Uzbekistan
Voltalia has launched electricity production at Sarimay Solar, a 126-megawatt solar plant in Uzbekistan, marking a key milestone in the deployment of new photovoltaic capacity in the country.
rPlus Energies strengthens its portfolio with 900 MW of solar and storage projects in Idaho
rPlus Energies has completed the acquisition of two solar and storage projects totalling 900 MW in Ada County, reinforcing its position as a key energy player in the western United States.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.