TotalEnergies suspends further investment in Adani Green Energy

26 Nov 2024 , 03:16 PM

TotalEnergies has announced that it would not make any fresh financial donations in the wake of a US federal prosecution involving the Adani family.

TotalEnergies has indicated that until the accusations against Adani group individuals and their repercussions are established, it will not make any fresh financial contributions as part of its investments in the Adani group of firms.

The claims include the Khavda solar park, India’s largest solar project. In September 2024, TotalEnergies paid $444 million for a 50% part in the park’s 1.15 gigawatts of solar systems, a project now embroiled in bribery allegations.

Last Monday, US authorities arrested eight people, including Gautam Adani, Sagar Adani, and former Adani Green Energy Limited CEO Vneet Jaain, on charges of making unlawful payments to Indian officials between July 2021 and 2024 in order to gain a financial advantage.

According to the charge, FBI investigators served Sagar Adani with a search warrant and a grand jury subpoena in March 2023, more than a year before TotalEnergies’ investment.

TotalEnergies is not mentioned in the criminal case. The Adani group has vehemently disputed the charges, calling them “baseless”.

TotalEnergies initially invested in Adani Green Energy in January 2021, acquiring a 20% share after the Indian company received the world’s largest solar order. According to US prosecutors, the alleged bribes occurred soon after the purchase.

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