Total in talks to invest in Adani Green’s projects

French oil major TotalEnergies is in talks to invest in renewable energy projects developed by India’s Adani Green Energy as part of its clean energy push, Bloomberg News reported on Friday, citing unnamed sources.

Total could invest about $700 million in the projects, the report cited by Reuters said, citing one source.

TotalEnergies and Adani did not immediately respond to Reuters’ requests for comment.

Any deal could be the first between the French company and billionaire Gautam Adani’s group since US short-seller Hindenburg in January raised governance concerns and alleged improper dealings, slamming Adani shares. The Adani Group has denied wrongdoing.

Shares of Adani companies have since recouped some losses after it repaid part of its debt and secured investments. Adani Green shares were up 0.5% on Friday.

Adani Green had in July said it approved raising 123 billion rupees through a qualified institutional placement.