TotalEnergies freezes Adani investments
TotalEnergies will stop making new financial contributions tied to its investments in the Adani Group until the accusations against the Group’s executives have been clarified.
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France, Paris: French energy group TotalEnergies will stop making new financial contributions tied to its investments in the Adani Group until the accusations against the Group’s executives have been clarified. The statement was issued on Monday after Indian billionaire Gautam Adani, chairman of Adani Group, and other business executives were indicted in the US in relation to a bribery scheme. The allegations are for the payment of over $250 million in bribes to Indian government officials in exchange of solar energy supply contracts.
While the indictment does not target Adani Green Energy Ltd itself or AGEL-related companies, TotalEnergies will take all relevant actions to protect its interests as minority shareholder of AGEL with a 19.75% stake, and as a joint-venture partner in project companies with AGEL. TotalEnergies has acquired a 50% stake in three joint ventures operating renewable assets with AGEL: AGEL23 in 2020, AREL9 in 2023 and AREL64 in 2024.
TotalEnergies is not targeted nor involved in the facts described by the indictment. The company said that its investments in Adani Group entities were made in full compliance with applicable laws and the company’s internal governance processes, and it had no prior knowledge of the investigation into alleged corruption schemes.
Source: Renewables Now
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