In a significant development, TotalEnergies, the French multinational energy giant, has announced its decision to pause any new financial contributions to Adani Group entities following corruption allegations involving certain executives of Adani Green Energy Limited (AGEL).
In a press statement, TotalEnergies emphasised its zero-tolerance stance on corruption, reiterating that it was neither involved in nor targeted by the alleged misconduct. “Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies,” the statement read.
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US prosecutors on November 21 indicted the Adani Group chairperson Gautam Adani, his nephew Sagar Adani and six others for allegedly paying Rs 2,029 crore (USD 265 million) in bribes to Indian government officials for securing solar power contracts with state electricity distribution companies. The bribes were allegedly paid between 2020 and 2024.
TotalEnergies, which holds a 19.75% minority stake in AGEL and a 50% stake in three joint ventures operating renewable energy assets, clarified that its investments were made following rigorous due diligence and governance processes. The company stated that it was not aware of any ongoing investigations into the alleged corruption scheme at the time of its investments.
The decision by TotalEnergies marks a major setback for the Adani Group, which has been striving to position itself as a global leader in renewable energy. TotalEnergies’ involvement has been a cornerstone of AGEL’s credibility on the international stage, with the French company providing strategic partnerships and investments since 2020.
The Adani Group is yet to issue an official statement addressing TotalEnergies’ decision.
TotalEnergies’ partnership with AGEL began in January 2021, with the acquisition of a minority stake in the company as part of its strategy to expand its renewable energy footprint in India. The company also holds 50% stakes in three joint ventures: AGEL23 (acquired in 2020), AREL9 (2023), and AREL64 (2024). These investments were aimed at leveraging AGEL’s portfolio of renewable assets to achieve shared sustainability goals.
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