TotalEnergies in talks to offer $700 million to Adani Green's projects

TotalEnergies is in negotiations to invest in Adani Green Energy's renewable energy projects. This could be the first business agreement between the two after a short-seller's allegations hurt the Indian company's stock in January. In an effort to increase the amount of clean energy in its portfolio, the French oil firm could invest roughly $700 million in the projects.

Adani Group was accused by Hindenburg Research of engaging in dishonest business practises and using tax havens in January, which caused the value of the company's stock to drop by roughly $150 billion. After a Supreme Court-appointed commission concluded that there had been "no regulatory failure" regarding price manipulation in Adani Group stocks, the group's shares have since recovered some of their losses.

Adani Green increased by 2.4%. Approximately 20% of Adani Green and 37.4% of Adani Gas were owned by TotalEnergies as of June 30. As of Thursday's close, the investment is worth almost $3.7 billion. The stake in Adani Green was purchased, according to TotalEnergies CEO Pouyanne, for $2 billion. He predicted that by the end of 2022, the price will have increased to $10 billion.

A contract to expand its relationship with Adani to manufacture green hydrogen was announced last year, but TotalEnergies stated in February that it had not yet been signed. Adani Green had previously announced that it had authorised raising 123 billion rupees ($1.48 billion) through a qualified institutional placement in July. Millions of dollars were reportedly invested in publicly traded Adani Group stocks through funds in Mauritius.