TotalEnergies in talks to invest $700 million in Adani Green’s projects: Report
renewable energy projects developed by Adani Green Energy as part of its drive to expand its clean energy projects portfolio, Bloomberg News reported citing unnamed sources. The French oil major Total could invest about $700 million and is looking to buy stakes in some of Adani Green’s projects, the report said, citing one source. Deliberations are ongoing and there’s no certainty for a transaction, the people told Bloomberg.
TotalEnergies is already the second largest shareholder of with a 19.75% stake in Adani Green Energy. The deal could be the first between Total and billionaire Gautam Adani-led group since the US short-seller Hindenburg raised governance concerns and alleged improper dealings in January, which led to a sharp slump in Adani group stocks. The Adani Group has denied wrongdoing.
Adani Group stocks have since recouped some losses after it repaid part of its debt and secured investments. The gains in Adani group shares also came on the back of investment from GQG Partners and an interim report from a Supreme Court-appointed panel in May that found no evidence of stock-price manipulation. In July, Adani Green had said it approved raising ₹12,300 crore through a qualified institutional placement (QIP).
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