Latest news with #PatrickPouyanne
Time of India
a day ago
- Business
- Time of India
French energy giant TotalEnergies reaffirms support for Adani Green's expansion in India
TotalEnergies is "committed to continue to support the expansion of AdGreen ," Patrick Pouyanne , Chairman and CEO of the French energy giant, said on Monday. With Adani Green Energy Limited (AGEL )'s current capacity of 14 gigawatts and plans for continued expansion, the partnership with TotalEnergies is expected to play a crucial role in India 's ambitious renewable energy targets and the country's transition toward cleaner energy sources. Pouyanne said this during his meeting with Indian Commerce and Industry Minister Piyush Goyal , who is currently on a three-day visit to France from June 1. "We are committed to continue to support the expansion of Adani Green, which already has 14 gigawatts of capacity," Pouyanne stated, adding, "We will continue to support this growth." The French energy major has invested approximately USD 5 billion in India over the past five years, focusing on natural gas infrastructure, city gas development, and renewable energy projects, particularly solar and wind installations, in partnership with Adani entities. TotalEnergies' involvement with Adani Green began in January 2021 when the company acquired a minority stake in the publicly listed renewable energy firm. As part of its strategy to strengthen renewable energy development in India, TotalEnergies also secured a 50 per cent stake in three joint ventures with AGEL operating renewable energy assets. During the Paris meetings, Pouyanne outlined TotalEnergies' broader Indian expansion plans, including increased energy exports from the United States, where the company serves as the largest energy exporter. The executive also highlighted plans to restart operations in Mozambique, which could provide additional energy supplies to India. This commitment marks a significant turnaround from TotalEnergies' position following allegations made by short-seller Hindenburg Research against the Adani Group last year. In response to those allegations, the French company had announced it would suspend further financial contributions to its Adani investments pending clarification of the accusations and their consequences. TotalEnergies emphasised that its investments in Adani entities were conducted in full compliance with applicable laws and the company's internal governance processes based on thorough due diligence and declarations provided by the investment partners. The renewed partnership comes as both companies look to capitalise on India's growing renewable energy market. Minister Goyal reportedly encouraged TotalEnergies to expand its presence in India further, building on the substantial investments already made in the country's energy infrastructure. The announcement also follows a memorandum of understanding signed with Gujarat State Petroleum Corporation (GSPC) during the India Energy Summit, signalling TotalEnergies' broader commitment to the Indian energy sector.
Hans India
2 days ago
- Business
- Hans India
Energy major TotalEnergies ‘committed' to support Adani Green's growth: CEO
Paris: Patrick Pouyanne, Chairman and CEO of the French energy giant TotalEnergies, has said the company is committed to continuing to support the expansion of Adani Green Energy Ltd (AGEL). In a meeting with Commerce and Industry Minister Piyush Goyal here, Pouyanne said they are committed to continuing to support the expansion of Adani Green, 'which already has 14 gigawatts of capacity,' and we 'will continue to support this growth.' Pouyanne also outlined TotalEnergies' broader Indian expansion plans, including increased energy exports from the US. Goyal also posted on X: 'Met Patrick Pouyanne, Chairman and CEO of TotalEnergies and discussed the company's investment plans for India and avenues for deeper collaboration in the renewable energy sector'. The French energy major has about $5 billion worth of investments in India, focusing on natural gas infrastructure, city gas development, and renewable energy projects, particularly solar and wind. In January 2021, TotalEnergies collaborated with Adani Green for the first time when it acquired a minority stake in the renewable energy company. Last month, Adani Green Energy Limited became the world's first renewable energy (RE) Independent Power Producer (IPP) to turn water positive across its entire operational portfolio, which exceeds a massive 14 GW capacity. AGEL achieved water positivity a year ahead of its FY26 target to set a new standard for sustainability. It is the first and only among the top 10 global companies (in terms of operational RE portfolio) to ever reach this milestone. Adani Green posted robust FY25 results, surpassing $1 billion in EBITDA, as operational renewable energy (RE) capacity grew a healthy 30 per cent to 14.2 GW (year-on-year), which continues to be India's largest. The Adani Group company reported greenfield addition of 3.3 GW in FY25, India's highest ever by any RE firm, and contributed 16 per cent of nationwide utility-scale solar and 14 per cent of wind installations last fiscal. AGEL is developing a massive 30 GW renewable energy plant at Khavda in Gujarat. This is spread over an area of 538 sq km, almost five times the city of Paris.
Time of India
2 days ago
- Business
- Time of India
Back Adani Green expansion: Total
PARIS: TotalEnergies has said that it intends to back Adani Green's expansion while lining up further investments in India. "On the renewable side, we continue to support the expansion of Adani Green, which already has 14 gigawatts of capacity. So, we will continue to support this growth," Total Energies chairman and CEO Patrick Pouyanne said after meeting commerce and industry minister Piyush Goyal. After Adani got embroiled in legal actions in the US on corruption related allegations, TotalEnergies had said that it will not make any new "financial contribution as part of its investments in the Adani Group of companies". Pouyanne said the company, which has invested $5 billion in India, intends to develop its energy business and sell more, especially from the US. "We are the largest US exporter of total energy. So, we can bring more. We also have a big venture in Mozambique," he said. LNG is one of the sectors where India is seeking to step up purchases from the US as part of efforts to make trade between the two countries more equitable. India has a trade surplus of $41 billion with the US. Goyal met several business heads over the last two days. After his meeting with the minister, L'Oreal CEO Nicolas Hieronimus said the cosmetics major plans to more than double its business in India over the next couple of years. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
2 days ago
- Business
- Business Standard
TotalEnergies plans to boost LNG sales from US to India, says CEO
French energy giant TotalEnergies said it plans to increase LNG sales from the US to India and has invested about USD 5 billion in India over the past five years. TotalEnergies Chairman and Chief Executive Officer Patrick Pouyanne also informed that the company has invested a lot in solar and wind in India, particularly with Adani. "Future plans are to continue to develop energy business, of course, to sell more LNG, in particular, from the US. We are the largest US LNG energy we can bring more. We also have a big venture in Mozambique with Indian companies. We will intend to restart very soon to provide energy to India. So, that's also a plan. "And then on the renewable side, we continue to support the expansion of Adani Green, which has already a 14 Gigawatt of capacity. So, we will continue to support this growth," he told reporters here after meeting Commerce and Industry Minister Piyush Goyal on June 1. He was replying to a question on what are the company's future plans for India. Goyal is here on an official visit to meet French leaders and businesses to boost trade and investments between the two countries. Last year in November, TotalEnergies SE had said that it would make no new financial contribution as part of its investments in Adani group companies till the Indian firm's founder is cleared of bribery charges. In his meeting with the minister, Pouyanne said that he discussed investments of the company in India. "We have invested almost USD 5 billion in the last five years, in particular in gas, natural gas, importing energy, city gas, development of gas infrastructure in India, as well as renewables," he said. "We invest a lot in solar and wind in India, with Adani in particular. And so we discussed about our plans, what we've done and what we intend to do for the future. And of course, Mr. Goyal encouraged me to do more in India." He added that India is becoming an important market for LNG, number four in the world in 2024. "So for us, finding customers, long-term customers in India is good," he added.
Time of India
3 days ago
- Business
- Time of India
India emerges as key market for LNG, ranks fourth globally in 2024: TotalEnergies CEO
Synopsis TotalEnergies' Chairman Patrick Pouyanne highlighted India's growing importance as the fourth-largest LNG market globally in 2024. The French energy giant has invested nearly USD 5 billion in India over the past five years, focusing on gas infrastructure and renewable energy projects. Encouraged by Union Commerce Minister Piyush Goyal, TotalEnergies plans further expansion in India.
