PARIS — TotalEnergies has suspended all new financial contributions to its ventures with India’s Adani Group after U.S. prosecutors indicted eight individuals, including top Adani executives, in a sweeping bribery investigation.
In a statement released Monday, the French energy giant said it had not been informed of the U.S. investigation into alleged corruption involving Adani Green Energy Ltd (AGEL), in which TotalEnergies holds a 20% stake and a board seat.
“TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme,” the company stated, adding: “Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies.”
On Thursday, U.S. authorities charged Indian billionaire Gautam Adani, his nephew Sagar Adani, and the former CEO of AGEL, among others, with offering and making improper payments to Indian officials between July 2021 and 2024 in exchange for business advantages.
The French firm had acquired its AGEL stake in January 2021, shortly after the company secured what was then the world’s largest solar energy contract—mere months before the alleged misconduct reportedly began. Since then, TotalEnergies has expanded its exposure to the Adani Group, holding a 37.4% stake in Adani Total Gas Ltd and entering three joint ventures in renewables with AGEL, two of which were signed after the FBI reportedly executed search warrants against Sagar Adani.
India remains a core growth market for TotalEnergies, particularly in natural gas and renewable energy. The country’s electricity generation has grown at an average of 8% annually since the 2020–21 pandemic year, fueled by economic expansion and severe heatwaves, outpacing every major global economy.
TotalEnergies has long described its partnership with the Adani Group as a “strategic alliance,” with 25% of its global operational renewable energy capacity linked to Adani wind and solar assets. Analysts at Bernstein Research estimate Total’s exposure to Adani-linked ventures at US$4–5 billion, representing approximately 3% of the firm’s capital employed.
However, the indictment and its fallout have raised concerns about corporate governance and legal risk in one of TotalEnergies’ most important international markets. Shares in the company fell 0.42% by 11:45 GMT on Monday.
As legal proceedings unfold, the future of one of the world’s most high-profile energy partnerships now faces deep uncertainty.
