TotalEnergies To Supercharge Energy Collaboration In India With $700M Boost To Adani Group: Report

TotalEnergies SE TTE is reportedly in talks to invest in renewable energy projects developed by India-based Adani Green Energy Ltd.

The agreement will mark the first public deal between the companies, Bloomberg reported, citing people familiar with the matter. 

Indian billionaire Gautam Adani owns Adani Green Energy. 

The drive is likely to expand its portfolio of clean energy projects, the report added. The French group could invest about $700 million in total into the projects.

Yesterday, the company announced launching the development studies for a large oil project in Block 58, offshore Suriname. The project will represent an investment of approximately $9 billion.

Read More: TotalEnergies Eyes $9B Oil Venture In Block 58 Offshore Suriname, Production To Begin In 2028

The company's alliance with Adani is familiar, as India has been a key market for TotalEnergies for a long time.

In 2019, TotalEnergies shelled out $600 million for a share in Adani Gas, now known as Adani Total Gas, Bloomberg noted. 

Fast-forward to 2021, the report added that they snagged a piece of Adani Green and half of its working solar farms for a whopping $2.5 billion, making it one of India's hottest foreign deals.

For the latest agreement, talks are still in progress, and it's uncertain if a deal will happen, it mentioned.

TTE is on an expansion spree. As part of the implementation of its multi-energy strategy, the company also announced four major projects in Q2: the launch of its multi-energy GGIP project in Iraq, the launch of the RGLNG project in Texas, which will boost its LNG export capacity from the US to 15 Mt/y, - the completion of the acquisition of 100% of Total Eren in renewable electricity, the award of the EPC contracts for the Amiral petrochemical project in Saudi Arabia.

Price Action: TTE shares are trading higher by 0.86% to $66.10 premarket on the last check Friday.