TotalEnergies has decided to halt any new financial contributions to the Adani group until the accusations against certain Adani group individuals and their consequences are clarified.
This decision follows public announcements by U.S. authorities regarding the indictment of specific Adani group executives in connection to an alleged corruption scheme linked to Adani Green Energy Limited (AGEL). It is important to note that this indictment does not target AGEL itself or any related companies.
TotalEnergies, which strongly rejects corruption in any form in accordance with its code of conduct, has emphasized that it is not targeted or involved in the accusations outlined in the indictment. However, as a precautionary measure and to protect its interests, TotalEnergies, a minority shareholder with a 19.75% stake in AGEL and a joint-venture partner in several project companies with AGEL, will take all necessary actions.
The company reiterated that its investments in Adani’s entities were made in full compliance with applicable laws and its internal governance processes, following due diligence and representations made by the sellers. TotalEnergies was not aware of the investigation into the alleged corruption scheme at the time of its investments.
Since January 2021, TotalEnergies has held a minority interest in Adani Green Energy Limited, owning 19.75% of the company. As part of its strategy to expand its renewable energy portfolio in India, TotalEnergies also acquired a 50% stake in three joint ventures operating renewable assets: AGEL23 in 2020, AREL9 in 2023, and AREL64 in 2024.
The decision to suspend financial contributions underscores TotalEnergies’ commitment to ethical business practices and its proactive stance in safeguarding its investments.