London/Paris — TotalEnergies can still meet its renewable energy targets without developing any new business with India’s Adani Green Energy Limited, the French group’s CEO told Reuters, shrugging off the impact of a crisis at its Indian partner.
Patrick Pouyanne’s comments on the sidelines of an energy conference come after the United States indicted Adani Green Energy’s chairman, executive director, former CEO, and five others over an alleged $265 million bribery scheme.
TotalEnergies said on Monday it would pause financial contributions to its Adani Group investments until there was more clarity over the case.
The French group is one of a few oil majors continuing to expand in renewable energy, and the rapidly growing Indian solar market has made up a significant share of its expansion to date.
TotalEnergies and Adani Green Energy have 3.8 gigawatts (GW) of jointly held wind and solar projects under construction or in development – which TotalEnergies has already paid into, and which are expected to continue.
“We didn’t say we will exit: we will not put new financing in any new scheme,” Pouyanne said on the sidelines of the Energy Intelligence Forum on Tuesday.
TotalEnergies has paid a total of $3.24 billion for its 19.75% stake in Adani Green Energy and three renewable joint ventures.
Unfinished projects with Adani are included in TotalEnergies’ current green growth targets to add 11 GW of new renewables by the end of next year and reach 100 GW of gross installed capacity by 2030, up from 24 GW currently.
TotalEnergies has relied heavily on buying Indian wind and solar assets to quickly grow its green portfolio, overtaking European oil and gas peers. Adani-linked stakes account for nearly 25% of its currently operating renewable assets.
Pouyanne said the pause on future projects with Adani did not jeopardise TotalEnergies’ ability to continue that growth.
“We have other options in our portfolio,” said the CEO.
Excluding India, TotalEnergies 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 had not been aware of the U.S. investigation before last week’s indictment and that TotalEnergies legally purchased the solar stakes after performing due diligence.
Reporting by Ron Bousso and Marwa Rashad in London, America Hernandez in Paris, Sethuraman N R in Bengaluru. Editing by David Goodman and Mark Potter – Reuters
