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
Two tankers targeted in the Black Sea, Ankara warns over maritime security
France: the CRE launches a transitional mechanism to regulate suppliers
Hydrocop lève €182mn pour moderniser son parc hydroélectrique en France
AfDB grants $7.41mn to Liberia to complete hydroelectric power plant
Baghdad invites US companies to replace Lukoil on West Qurna 2
Greenbuddies deploys Germany’s largest agrivoltaic power plant for MaxSolar
With 16.8 MWp of capacity, the Triticum plant in Bavaria marks a strategic investment for MaxSolar, strengthening the agrivoltaic model in the German energy landscape.
Greencells to migrate 3 GW of solar projects to 3E’s platform
Greencells has signed a partnership with Belgian company 3E to transfer over 3 GW of solar and storage capacity to SynaptiQ, a central monitoring and analytics platform.
Grenergy sells seven photovoltaic plants to Ecopetrol in Colombia
Spanish group Grenergy has signed an agreement to sell seven solar projects with a total capacity of 88 MW to Ecopetrol, as part of its asset rotation strategy.
Zenith Energy launches construction of three 7 MWp solar projects in Italy
Zenith Energy has launched a tender for the construction of three solar plants totalling 7 MWp in Italy, with expected bank financing covering up to 90% of costs.
JA Solar launches photovoltaic solution for extreme desert environments
JA Solar unveils a pioneering white paper on photovoltaic systems in arid regions, with a module designed to withstand extreme desert conditions and improve long-term energy yield.
Shikoku Electric Power expands solar acquisitions and targets water surfaces
Shikoku Electric Power lowers its acquisition threshold for solar projects to 500kWAC and calls for proposals to develop floating plants on reservoirs of at least 15,000m².
Canadian Solar commissions 20 MWAC solar plant in Japan under 25-year virtual PPA
Canadian Solar has started delivering non-fossil certificates from a new 20 MWAC solar plant in Okayama under a 25-year virtual power purchase agreement with a Japanese company.
Ecopetrol targets 88.2 MWp with acquisition of seven solar projects in Colombia
Ecopetrol has reached a conditional agreement to acquire seven companies holding photovoltaic projects across four Colombian departments, for a total potential of 88.2 MWp.
EBRD grants €192 mn to finance 531 MW of solar in Romania
Three photovoltaic plants will receive financing structured by the European Bank for Reconstruction and Development to strengthen Romania's electricity capacity and attract private capital to the sector.
A €15mn solar farm and organic dairy project launched in Loiret
Loiret Energie and Terres d’Energie Développement will invest €15mn in a 31.5-hectare agrivoltaic farm in La Ferté Saint-Aubin, combining electricity production and organic cattle farming.
Canadian Solar Infrastructure Fund acquires non-FIT solar asset for ¥253.5mn
Canadian Solar Infrastructure Fund makes its first acquisition outside the FIT scheme with a 1.1 MW solar plant in Tsukuba, valued at ¥253.5mn ($1.7mn), under a corporate PPA agreement.
Sunsure Energy signs long-term solar agreement with Bisleri in India
The agreement will enable Bisleri to meet 48% of the electricity needs at its Sahibabad site through solar power supplied by Sunsure, cutting annual CO₂ emissions by nearly 2,700 tons.
Vikram Solar opens 5 GW plant in Vallam, reaches 9.5 GW capacity
Vikram Solar has commissioned a new 5 GW automated plant in Vallam, Tamil Nadu, raising its total capacity to 9.5 GW and marking a key milestone in its industrial expansion strategy in India.
Scatec secures 1.1 GW solar PPA to supply Egyptalum amid CBAM pressure
Norwegian group Scatec is developing a 1.1 GW solar plant with 200 MWh of storage for Egypt Aluminium, under a 25-year contract backed by the EIB, AfDB and EBRD.
GreenYellow signs 15-year hybrid solar contract with Thai retailer Dohome
GreenYellow has signed a major energy deal with Dohome to deploy 10.5 MWp of solar and 13 MWh of storage across 15 sites, marking one of the largest hybrid projects in Thailand’s retail sector.
ENEOS to build two solar plants on former JR Hokkaido railway tracks
ENEOS Renewable Energy will develop two solar installations totalling 4MW on a decommissioned JR Hokkaido line, under a power supply agreement signed with the railway company and the regional electric utility.
RWE commissions 300 MW solar and storage project in Texas
RWE has commissioned a project combining 200 MW of solar and 100 MW of battery storage in Milam County, Texas, addressing the growing electricity demand and expanding its operations in the United States.
EDP commissions rooftop solar plant for Johnson Electric in Italy
EDP has launched operations of a rooftop solar plant at Johnson Electric’s site in Asti, targeting an annual output of 400 MWh to strengthen the manufacturer’s energy autonomy and stabilise electricity costs.
PowerField adds 170 MWp by acquiring and building seven solar parks
PowerField increased its operational capacity to 300 MWp by integrating seven new solar parks, developed or acquired before construction, across four Dutch provinces.
Idex commissions solar carport plant in Bourg-en-Bresse
Idex has inaugurated a photovoltaic power plant spanning 14,500 m² at Ainterexpo's parking area, developed in partnership with Grand Bourg Agglomération under a 30-year operating model.

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.