France-based TotalEnergies in talks to invest $700M in Adani's Green Energy business

France-based multi-energy company TotalEnergies is reportedly in talks with Gautam Adani’s Adani Green Energy to pump up $700 million or around Rs 5,800 crore in the business.

According to a Bloomberg report, The move is part of its expansion plans for clean energy projects portfolio in the region. The report further said that if the talks are successful, the investment will mark the first public deal between two firms since Hindenburg released its report on Adani Group, as it already owns a 19.75% stake in Adani’s green energy business.

Adani in talks to raise $3.5 billion from banks

The development comes amid the company likely to be engaging with global banks to refinance debt taken on to fund its purchase of Ambuja Cements Ltd, with lenders divided into three categories in what could be one of Asia’s largest syndicated loan deals of the year. Bloomberg reported that the banks are likely to refinance $3.5 billion or around Rs 29,000 crore. 

The report added that DBS Group Holdings Ltd., First Abu Dhabi Bank PJSC, Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group, Inc. and Sumitomo Mitsui Banking Corp will lend $400 million.

Adani Green Energy approved fundraising via QIP

Earlier in July this year, Adani Green Energy approved Rs 12,300 crore fundraising through a qualified institutional placement (QIP). These reports are emerging as Adani's investors await the Supreme Court hearing on the Adani Hindenburg case.

Headquartered in Courbevoie, TotalEnergies is primarily engaged in the development of solar and hydrogen projects in India, offering a range of energy solutions. The company is also involved in several community outreach initiatives in the country. 

($1 = INR 83.16)

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