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:

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.

  • Populaires ​
TotalEnergies sells 50% of its renewable assets in Portugal for €178.5mn
Envision inaugurates the world’s largest green ammonia plant in China
EDF postpones restart of Flamanville EPR to August 13
Ardian completes Akuo takeover and installs Bruno Bensasson at the helm
Strong Rise in Solar Power Reduces Summer Demand for Natural Gas
GreenYellow signs 1.8 MWp solar contract with Meaders in Mauritius
GreenYellow and Meaders Feeds Ltd finalise a second 1.8 MWp solar project under the Carbon Neutral Industrial Sector Scheme aimed at decarbonising the Mauritian industrial sector.
New community solar project in Baltimore-Washington: a 3.2 MW capacity
The Lime Kiln project, developed by Chaberton Energy and Pivot Energy, will provide renewable energy to 500 homes and businesses in Maryland, while reducing greenhouse gas emissions.
MPC Energy Solutions sells its stake in the Planeta Rica solar project in Colombia
MPC Energy Solutions has signed an agreement to sell its stake in the Planeta Rica solar project in Colombia. The transaction is expected to close by the end of 2025.
EDF power solutions commissions the largest solar power plant in the Territoire de Belfort
EDF power solutions has commissioned the Aéroparc photovoltaic plant, with a capacity of 42.2 MWp, in the Territoire de Belfort, making a significant contribution to the region's energy transition.
The Economic Impact of Solar Energy in Europe Amid Surplus Production
The overproduction of solar energy in Europe is causing a drop in captured prices, undermining the profitability of producers. In Germany, Spain, and France, capture prices are at record lows, with profound economic consequences.
Altarea Energies Renouvelables launches its first ground-mounted photovoltaic plant in Caudecoste
Altarea Energies Renouvelables has started work on its first ground-mounted photovoltaic plant in Caudecoste, marking a new milestone in its development. The 7 MWc plant is expected to be operational by the end of 2025.
JinkoSolar installs 21.6 MWh of energy storage in Massachusetts
Chinese manufacturer JinkoSolar has delivered three energy storage systems totalling 21.6 MWh to the American company Distributed Energy Infrastructure, as part of the Solar Massachusetts Renewable Target (SMART) programme aimed at strengthening local solar infrastructure.
TotalEnergies ENEOS equips two logistics centres in Singapore with solar panels
TotalEnergies ENEOS has commissioned two photovoltaic installations totalling 1.2 MWp for marine logistics group Lee Huat Yap Kee in Singapore, under two long-term power purchase agreements with no upfront investment.
TCL Solar signs strategic 250MW agreement for Pakistani market
TCL Solar has concluded two exclusive partnerships in Suzhou with AU Solar and Madina Solar to supply 250 megawatts of photovoltaic modules to the Pakistani market, addressing rapidly growing local energy demand.
Mitrex sets world record with monumental urban solar facade
Mitrex secures Guinness Record for the largest integrated solar facade globally, combining photovoltaics and cultural art in Edmonton, covering over 30,000 square feet with installed capacity exceeding 265 kW.
EDF power solutions acquires 500MW hybrid solar project in the UK
EDF power solutions completes the acquisition of the 500MW Gate Burton solar-battery project from the company Low Carbon, strengthening its presence in hybrid photovoltaic-storage solutions in the United Kingdom.
Photovoltaic films market to reach $41.59bn by 2034 according to MarketsandMarkets
The global photovoltaic films market is expected to see significant growth, reaching $41.59bn by 2034 due to the development of new solar technologies and the increasing demand for encapsulation suited to these innovations, a recent study indicates.
Plenitude starts 200 MW solar park in Andalusia for 2026
Italian group Plenitude has begun building Entrenúcleos, a 200 MW photovoltaic plant near Seville, set to deliver more than 435 GWh a year from 2026 while trialling locally produced green steel.
Sinopec commissions China’s first full-sea floating solar power plant
The state-controlled refiner has launched a 7.5-megawatt photovoltaic unit off Qingdao, the country’s first commercial installation designed for fully saline waters, intended to supply its future renewable hydrogen production.
Madagascar signs with Global South Utilities to develop up to 250 MW solar
The Emirati company Global South Utilities plans to install up to 250 MW of solar capacity in Madagascar, a project aimed at strengthening the national electricity network heavily reliant on fossil fuels and frequently facing energy deficits.
BRICS: solar production exceeds 50% of global total in 2024
Emerging economies from the BRICS group now account for more than half of global solar electricity production in 2024, driven mainly by China, India, and Brazil, according to a new report by the organisation Ember.
Star Trade and Lightsource bp sign major solar agreement in Taiwan
Star Trade, a subsidiary of HD Renewable Energy, has signed a power purchase agreement with Lightsource bp to manage electricity distribution from a 115 MWp solar project located in Chiayi, strengthening their presence in the Taiwanese market.
TotalEnergies signs with Daehwa Pharmaceutical to install solar system in Korea
TotalEnergies will develop a 1.8 MW photovoltaic installation for Daehwa Pharmaceutical, covering approximately 20% of the annual energy requirements of the production site located in Hoengseong-gun, South Korea, under a 20-year agreement.
373 MW Cleve Hill Solar Park begins commercial operations in the United Kingdom
Quinbrook Infrastructure Partners announces full operational launch of Cleve Hill Solar Park, now becoming the largest active photovoltaic power plant in the United Kingdom with a total installed capacity reaching 373 MW.
BISOL adopts G12R solar cells to strengthen its European production
European photovoltaic module manufacturer BISOL is integrating G12R solar cells into its product range, replacing the former M10 cells, to improve product performance and technological competitiveness starting from the second quarter of 2025.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING