If the deal materialises, it will support India in achieving its net-zero emissions target by 2070. Credit: Jadon Kelly/Unsplash.

French energy giant TotalEnergies is in discussions to invest up to $700m (€656.74m) in the renewable energy projects of India’s Adani Green Energy, Bloomberg reported.

Total is planning to acquire stakes in some of Adani Green’s projects as part of its drive to expand its clean energy portfolio. As the plan is still in the negotiations stage, there is no certainty about a deal materialising, the news agency said, citing people privy to the matter.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The news was not confirmed by the representatives of the companies.

If the deal succeeds, it would be the first public transaction between the French oil and gas giant and Adani since short-seller Hindenburg alleged that the Indian company was involved in fraud in January 2023.

The deal is expected to increase Total’s footprint in the fast-growing energy market in the country while offering support to Adani in the development of new renewable energy projects.

It will also strengthen ties between the two companies. Total already owns around a 19.75% stake in Adani Green, making it the second-largest shareholder.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the past, Total had partnered with Adani Green to invest in sustainable energy as part of its commitment to combat climate change. The plan also aligns with India’s goals to reduce its dependency on fossil fuels and achieve carbon-neutral status by 2070.

In 2019, Total purchased a 37.4% stake in Adani Gas by investing $600m, creating Adani Total Gas. It also acquired 50% of some of Adani Green’s operational solar farms.

The two companies are planning to partner and invest billions of dollars in green hydrogen development in the country, the Economic Times reported.