TotalEnergies and Adani Green Energy JV invest $300 Million Renewable Power Partnership

Bengaluru, India (Natural Energy News): In a significant move towards advancing India's renewable energy landscape, French energy giant TotalEnergies is set to invest a substantial $300 million in a groundbreaking joint venture with Adani Green Energy. This partnership marks a pivotal moment for both companies as they collaborate to bolster India's green power infrastructure.

This landmark deal comes at a time when the Adani Group, a conglomerate that Adani Green Energy is part of, faced allegations of tax fraud that sent shockwaves through financial markets. Following accusations from U.S. short seller Hindenburg Research, the group's shares took a hit, shedding approximately $150 billion in value. The allegations included claims of improper dealings and the use of tax havens.

However, Adani Group firmly refuted these allegations, and a Supreme Court-appointed panel subsequently found no evidence of stock-price manipulation, leading to a partial recovery of its share prices.

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Deloitte, a previous auditor for Adani Ports, distanced itself from the group in August, citing concerns related to the Hindenburg allegations. The move highlighted the complexity and sensitivity of the situation, with Deloitte opting not to conduct an independent investigation.

Additionally, accusations of money laundering surfaced through the Organised Crime and Corruption Reporting Project (OCCRP), which alleged that millions of dollars were channeled into publicly traded stocks via offshore funds to obscure the identity of the buyers.

Amidst these challenges, TotalEnergies and Adani Green Energy have joined hands to accelerate the development of renewable energy projects, specifically wind and solar farms. A spokesperson for TotalEnergies emphasized the significance of this partnership, stating, "This is a joint venture which gives TotalEnergies direct access to ownership of the assets contributed by (Adani)," further highlighting that it aligns with their strategy for renewable growth in India.

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It's worth noting that TotalEnergies already holds a stake of approximately 20% in Adani Green, underscoring their commitment to the Indian renewable energy sector.

Adani Green Energy is set to contribute valuable assets to this joint venture, a move that aligns with its goal of achieving a formidable 45 gigawatts (GW) of renewable energy capacity by 2030. The partnership, known as Adani Green Energy Twenty Three, aims to generate an impressive 1,050 megawatts of electricity from solar and wind farms.

Despite recent challenges, this collaboration between TotalEnergies and Adani Green Energy symbolizes a commitment to a more sustainable future for India's energy needs. As the global shift towards renewable energy continues to gain momentum, this venture stands as a testament to the enduring importance of green initiatives and international cooperation in the face of complex challenges.

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