TotalEnergies has suspended its planned $4B investment in a green hydrogen project with Adani Group.
The French oil and gas company said it was waiting for more clarity on Adani’s financial situation before proceeding with the deal. Adani Group was recently accused of widespread fraud by short-seller Hindenburg Research.
- TotalEnergies is one of the biggest foreign investors in businesses connected to Adani.
- The company has invested about $3B with Adani, which includes gas distribution and solar projects.
- The $4B deal involved TotalEnergies taking a 25% stake in Adani New Industries Ltd as part of hydrogen co-development with Adani Enterprises.
- TotalEnergies CEO Patrick Pouyanné said that although the companies have announced the joint project, nothing has been signed, and nothing will be signed until there is clarity on Adani’s financial standing.
