French oil giant TotalEnergies SE is reportedly in talks with the Adani group to invest in some renewable energy projects of Adani Green Energy Ltd (AGEL), which will be the first investment by the company in the conglomerate since the release of the Hindenburg report.
A Bloomberg report on Friday said Total is looking to buy stakes in some of Adani Green’s projects as it looks to increase its portfolio of clean energy projects.
Total had put a plan to develop about $5 billion of green hydrogen projects with Adani Enterprises on hold after the Hindenburg report.
The French group could now invest a cumulative amount of $700 million into these projects, solidifying its relationship with Gautam Adani that began in 2018 through an energy partnership.
They have an equal venture in Adani Total Gas where the Adani family and other promoter firms hold 37.40 per cent and TotalEnergies Holding SAS a similar stake.
A subsidiary of Adani Total Gas — Adani TotalEnergies E-Mobility Ltd (ATEL) — said last month it will set up electric vehicle (EV) charging infrastructure with all-electric cab aggregator, Prakriti E-Mobility (Evera).
ATEL is setting up an EV charging ecosystem with a wide range of charging points catering to B2C and B2B customers.
The venture will set up a hub of 200 charging points in New Delhi.
Moreover, in 2021 Total had acquired a minority interest of 20 per cent in AGEL.
The French giant had then said it was part of an arrangement for an alliance into the wider renewable energy space.
Consequently, they announced the acquisition of a 50 per cent stake in a 2.35GW portfolio of operating solar assets owned by AGEL and a 20 per cent stake in AGEL for $2.5 billion.
AGEL is targeting a capacity of 45GW renewable energy by 2030.
Shares of AGEL on Friday ended with gains of 2.28 per cent or Rs 22.40 to settle at Rs 1,006.20 on the developments. The company currently has a market capitalisation of Rs 1.59 lakh crore.
