Mumbai: Adani Green Energy has clarified that it is not seeking fresh capital from its strategic partner TotalEnergies, the French energy giant that holds a 19.75% stake in the company and a 50% stake in three renewable energy joint ventures. This announcement comes in the wake of TotalEnergies’ decision to pause new investments in the Adani Group amid corruption allegations involving Adani Green chairman Gautam Adani and executive director Sagar Adani.
TotalEnergies cited its commitment to rejecting corruption and stated it was unaware of the investigation until US authorities’ recent announcements. While Adani Green itself is not directly implicated in the allegations, the fallout has already led the company to cancel its planned $600-million foreign bond offering.
TotalEnergies has vowed to protect its interests as a minority stakeholder and joint venture partner but will hold off on further financial contributions until the accusations and their consequences are clarified. Despite this, Adani Green emphasized that the developments will not impact its operations or growth trajectory.
Previously, in February 2023, TotalEnergies had paused its involvement in the Adani Group’s $50-billion green hydrogen project following Hindenburg Research’s allegations of financial mismanagement and stock manipulation within the group. TotalEnergies maintains that its investments were conducted in compliance with all applicable laws and its internal governance processes.
