TotalEnergies has announced a freeze on new financial contributions to the Adani Group following the indictment of certain executives associated with Adani Green Energy Limited (AGEL) in a corruption scandal.

The energy giant clarified that neither AGEL itself nor any of its related companies are implicated in the charges.

In a firm statement underscoring its zero-tolerance stance, TotalEnergies reiterated, "In accordance with its code of conduct, TotalEnergies rejects corruption in any form."

The company, which holds a 19.75 per cent minority stake in AGEL and a 50 per cent stake in joint-venture renewable energy projects with AGEL, expressed its commitment to protecting its interests while the allegations are investigated.

“TotalEnergies, which is not targeted nor involved in the facts described by such indictment, will take all relevant actions to protect its interests as minority (19.75 per cent) shareholder of AGEL and as a joint-venture partner (50 per cent) in project companies with AGEL,” the company affirmed.

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The French energy firm further clarified that its investments in Adani entities were executed following rigorous due diligence, stating, “TotalEnergies recalls that its investments in Adani's entities were undertaken in full compliance with applicable laws, and with TotalEnergies' own internal governance processes pursuant to due diligence and representations made by the sellers. In particular, TotalEnergies was not made aware of the existence of an investigation into the alleged corruption scheme.”

TotalEnergies’ involvement with AGEL dates back to January 2021 when it acquired a minority stake in the publicly listed company.

Additionally, it has established joint ventures in renewable energy projects, securing a 50 per cent stake in three joint ventures—AGEL23 in 2020, AREL9 in 2023, and AREL64 in 2024.

While investigations into the indicted Adani executives continue, TotalEnergies has declared a halt to further financial commitments to the Adani Group.

"Until such time when the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani group of companies," the company stated.

This decision highlights TotalEnergies’ emphasis on ethical governance and its intent to mitigate risks while advancing its renewable energy initiatives in India.