“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,” the French energy company stated.
“TotalEnergies rejects corruption in any form,” it added.
The allegations centre on the Khavda solar park, India’s largest solar project. In September 2024, TotalEnergies paid $444 million for a 50% stake in 1.15 gigawatts of solar installations at the park, a project now entangled in bribery charges.
U.S. prosecutors last week indicted eight individuals, including Gautam Adani, Sagar Adani, and former Adani Green Energy Limited CEO Vneet Jaain, alleging improper payments to Indian officials between July 2021 and 2024 to secure business advantages.
Also read: US SEC summons Gautam Adani, nephew Sagar in bribery case
The indictment claims that FBI agents served Sagar Adani with a search warrant and grand jury subpoena in March 2023, more than a year before TotalEnergies’ investment.
TotalEnergies is not named in the criminal case. The Adani group has categorically denied the allegations, calling them “baseless”.
TotalEnergies first invested in Adani Green Energy in January 2021, acquiring a 20% stake after the Indian firm won the world’s largest solar order. According to US prosecutors, the alleged bribery began shortly after this transaction, Reuters reported.
First Published: Nov 25, 2024 3:32 PM IST
