French energy giant TotalEnergies reaffirms support for Adani Green's expansion in India

Paris [France], 2 June (ANI): TotalEnergies is "committed to continue to support the expansion of Adani Green," Patrick Pouyanne, Chairman and CEO of the French energy giant, said on Monday.

With Adani Green Energy Limited (AGEL )'s current capacity of 14 gigawatts and plans for continued expansion, the partnership with TotalEnergies is expected to play a crucial role in India's ambitious renewable energy targets and the country's transition toward cleaner energy sources.

Pouyanne said this during his meeting with Indian Commerce and Industry Minister Piyush Goyal, who is currently on a three-day visit to France from June 1.

"We are committed to continue to support the expansion of Adani Green, which already has 14 gigawatts of capacity," Pouyanne stated, adding, "We will continue to support this growth."

The French energy major has invested approximately USD 5 billion in India over the past five years, focusing on natural gas infrastructure, city gas development, and renewable energy projects, particularly solar and wind installations, in partnership with Adani entities.

TotalEnergies' involvement with Adani Green began in January 2021 when the company acquired a minority stake in the publicly listed renewable energy firm. As part of its strategy to strengthen renewable energy development in India, TotalEnergies also secured a 50 per cent stake in three joint ventures with AGEL operating renewable energy assets.

During the Paris meetings, Pouyanne outlined TotalEnergies' broader Indian expansion plans, including increased energy exports from the United States, where the company serves as the largest energy exporter. The executive also highlighted plans to restart operations in Mozambique, which could provide additional energy supplies to India.

This commitment marks a significant turnaround from TotalEnergies' position following allegations made by short-seller Hindenburg Research against the Adani Group last year. In response to those allegations, the French company had announced it would suspend further financial contributions to its Adani investments pending clarification of the accusations and their consequences.

TotalEnergies emphasised that its investments in Adani entities were conducted in full compliance with applicable laws and the company's internal governance processes based on thorough due diligence and declarations provided by the investment partners.

The renewed partnership comes as both companies look to capitalise on India's growing renewable energy market. Minister Goyal reportedly encouraged TotalEnergies to expand its presence in India further, building on the substantial investments already made in the country's energy infrastructure.

The announcement also follows a memorandum of understanding signed with Gujarat State Petroleum Corporation (GSPC) during the India Energy Summit, signalling TotalEnergies' broader commitment to the Indian energy sector. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)