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.

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.

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.