TotalEnergies SE plans to invest $300 million in projects developed by Adani Green Energy Ltd. marking the first public deal between the French oil giant and Gautam Adani since a short-seller leveled fraud allegations against the Indian billionaire’s business empire.
Total will hold 50% stake in the joint venture, with Adani Green holding the rest, according to an exchange filing Wednesday. This investment is part of the companies drive to expand their portfolio of clean energy projects.
The deal increases Total’s presence in India’s fast-growing energy market, while giving Adani Green more means to develop new renewable energy projects. It would also see Total deepen its ties with Adani Green, which it’s already the second largest shareholder of with a 19.75% stake, according to data compiled by Bloomberg.
