TotalEnergies deepens ties with India's Adani Green with $444 mln JV

Plans for French oil major TotalEnergies to form a new joint venture with India's ani Green Energy took a step forward on Monday, as Indian company's board voted to approve a deal with a $444 million investment on Total's side.

pair h announced in September 2023 that y would form a new joint venture in a deal n valued at $300 million that would give Paris-based oil and gas firm "direct access to ownership of assets" contributed by ani Green — namely wind and solar farms in India, where bulk of energy requirements are still met by coal.

A TotalEnergies spokesperson confirmed news, and said its formal announcement would come on Tuesday.

two companies gave no immediate details as to why price h changed.

50/50 joint venture will hold a portfolio of 1.15 gigawatts of solar electricity installations, both operational and under construction, ani Green said in a statement. It did not disclose any financial commitments it would make for deal, which involves TotalEnergies Renewables Singapore.

tie-up is first since Total pressed pause on its involvement with ani last year, after allegations of improper dealings and use of tax havens published in early 2023 by US short seller Hindenburg Research wiped about $150 billion in value off shares of parent ani Group.

TotalEnergies CEO Patrick Pouyanne has defended his company's investments with ani — a 37.4% stake in ani Total Gas and a 19.75% share of ani Green Energy — saying y were still worth more after share price drop than when Total first bought in.

French major, which makes most of its money producing and selling oil and gas, hopes to have 45 GW of renewable energy capacity by 2030.

Shares of ani Green closed 5.9 per cent higher on Monday.