Patrick Pouyan’s comments on the sidelines of the energy council came after the United States indicted Adani Green Energy’s chairman, executive director, former CEO and five others in an alleged $265 million bribery scheme.
TotalEnergy said on Monday that it will withhold financial contributions to its Adani Group investment until further clarifications are made on the case.
The French group is one of the few oil companies that continues to expand into renewable energy, and the fast-growing Indian solar market has accounted for a significant portion of its expansion to date.
Total Energy and Adani Green Energy have a combined 3.8 gigawatts (GW) of wind and solar projects under construction or in development – which Total Energy has already paid for and which is expected to continue.
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“We didn’t say we’re going to pull out: we’re not going to put new financing into any new plan,” Pouyanne said on the sidelines of the Energy Intelligence Forum on Tuesday.
TotalEnergy paid a total of $3.24 billion for its 19.75% stake in Adani Green Energy and three renewables joint ventures.
The unfinished projects with Adani are part of Total Energy’s current green growth target to add 11 GW of new renewables by the end of next year and reach 100 GW of total installed capacity by 2030, up from 24 GW currently.
TotalEnergies has relied heavily on buying Indian wind and solar assets to rapidly grow its green portfolio, outpacing European oil and gas peers. The Adani-linked stake accounts for about 25% of its renewable assets currently in operation.
Pouyan said the pause on future projects with Adani did not threaten TotalEnergies’ ability to continue growing.
We have other options in our portfolio, the CEO said.
Excluding India, Total Energies has 5.6 GW of renewables under construction globally and 53.6 GW under development, mostly in North America and Europe, according to company statements.
The firm, which has a seat on Adani Green Energy’s board, said on Monday it was not aware of the US investigation before last week’s indictment and that TotalEnergy bought the solar stake legally after conducting due diligence. (Reporting by Ron Bouso and Marwa Rashad in London, America Hernandez in Paris, Sethuraman NR in Bengaluru; Editing by David Goodman and Mark Potter)
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