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TotalEnergies has paused business with Adani Green

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Firms jointly hold 3.8 GW of unfinished projects

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TotalEnergies maintains legality of asset purchases

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TotalEnergies' 2025 renewables target requires adding 11

GW

(Rewrites to focus on renewable targets, adding CEO quotes,

detail on joint projects, value of TotalEnergies stakes,

context)

By Ron Bousso, Marwa Rashad and America Hernandez

LONDON/PARIS, Nov 26 - TotalEnergies can still

meet its renewable energy targets without developing any new

business with India's Adani Green Energy Limited, the French

group's CEO told Reuters, shrugging off the impact of a crisis

at its Indian partner.

Patrick Pouyanne's comments on the sidelines of an energy

conference come after the United States indicted Adani Green

Energy's chairman, executive director, former CEO, and five

others over an alleged $265 million bribery scheme.

TotalEnergies said on Monday it would pause financial

contributions to its Adani Group investments until there was

more clarity over the case.

The French group is one of a few oil majors continuing to

expand in renewable energy, and the rapidly growing Indian solar

market has made up a significant share of its expansion to date.

TotalEnergies and Adani Green Energy have 3.8 gigawatts (GW)

of jointly held wind and solar projects under construction or in

development - which TotalEnergies has already paid into, and

which are expected to continue.

"We didn't say we will exit: we will not put new financing

in any new scheme," Pouyanne said on the sidelines of the Energy

Intelligence Forum on Tuesday.

TotalEnergies has paid a total of $3.24 billion for its

19.75% stake in Adani Green Energy and three renewable joint

ventures.

Unfinished projects with Adani are included in

TotalEnergies' current green growth targets to add 11 GW of new

renewables by the end of next year and reach 100 GW of gross

installed capacity by 2030, up from 24 GW currently.

TotalEnergies has relied heavily on buying Indian wind and

solar assets to quickly grow its green portfolio, overtaking

European oil and gas peers. Adani-linked stakes account for

nearly 25% of its currently operating renewable assets.

Pouyanne said the pause on future projects with Adani did

not jeopardise TotalEnergies' ability to continue that growth.

"We have other options in our portfolio," said the CEO.

Excluding India, TotalEnergies has 5.6 GW of renewables

under construction globally and 53.6 GW under development,

mostly in North America and Europe, according to company

statements.

The firm, which has a seat on Adani Green Energy's board,

said on Monday it had not been aware of the U.S. investigation

before last week's indictment, and that TotalEnergies legally

purchased the solar stakes after performing due diligence.