French energy giant Total Energy is discussing investing up to $700 million in renewable energy projects at Adani Green Energy in India.

Total plans to acquire shares in some Adani Green projects as part of its expansion of its clean energy portfolio. The news agency stated that as the plan is still in the negotiation stage, it is uncertain to reach an agreement, and quoted sources familiar with the matter as saying. The company representative did not confirm this information.

If the transaction is successful, it will be the first public transaction between the French oil and gas giant and Adani since short seller Hindenburg claimed that the Indian company was suspected of fraud in January 2023.

It is expected that this transaction will increase Total's footprint in the country's rapidly growing energy market and provide support for Adani's development of new renewable energy projects.

It will also strengthen the connection between the two companies. Total already owns approximately 19.75% of Adani Green's shares, making it the second largest shareholder.

In the past, Total has collaborated with Adani Green to invest in sustainable energy as part of its commitment to addressing climate change. The plan also aligns with India's goal of reducing dependence on fossil fuels and achieving carbon neutrality by 2070.

In 2019, Total purchased 37.4% of Adani Gas's shares by investing $600 million, creating Adani Total Gas. It also acquired 50% of Adani Green's solar farm operations.Editor/XingWentao