REG-TotalEnergies SE TotalEnergies’ Statement on Its Investments in India

TotalEnergies SEAnnouncement

03/02/2023 07:30

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TotalEnergies’ Statement on Its Investments in India

 

Following the allegations against Adani Group published by the Hindenburg
Research company on January 24, 2023, TotalEnergies (Paris:TTE) (LSE:TTE)
(NYSE:TTE) wishes to bring the following information regarding its joint
investments in India in partnership with Adani since 2018.

TotalEnergies’ investments in Adani’s entities were undertaken in full
compliance with applicable – namely Indian – laws, and with
TotalEnergies’ own internal governance processes. The due diligence, which
were carried out to TotalEnergies’ satisfaction, were consistent with best
practices, and all relevant material in the public domain was reviewed,
including the detailed disclosures to regulators required under applicable
laws. TotalEnergies welcomes the announcement by Adani to mandate one of the
"big four" accounting firms to carry out a general audit.

The entities TotalEnergies has invested in with Adani are managed in
accordance with applicable regulations. The day-to-day operations of the
entities listed in India, Adani Total Gas Limited (ATGL) and Adani Green
Energy Limited (AGEL), are managed by independent teams of professional
managers, and their boards are composed of at least 50% independent and
non-executive directors (5/9 for ATGL and 5/10 for AGEL). S. R. Batliboi &
Co. LLP, a member company of the international financial audit firm EY is
AGEL’s statutory auditor.

The following table lists TotalEnergies’ current stakes in ventures with
Adani:
 Adani Total Private Limited          50%     
 Adani Total Gas Limited (listed)     37.4%   
 Adani Green Energy Limited (listed)  19.75%  
 AGEL23                               50%     


TotalEnergies’ exposure resulting from these stakes is limited, as it
represents 2.4% ($3.1 billion at December 31, 2022) of the Company’s capital
employed and only 180 M$ of net operating income in 2022. These investments
being accounted for under the equity method, TotalEnergies has not performed
any re-evaluation in its accounts of its stakes in the listed entities ATGL
and AGEL in relation to the increase in their stock values.

About TotalEnergies’ partnerships with Adani Group

In 2018, TotalEnergies and Adani Group embarked on an energy partnership with
the development of a joint LNG business, Adani Total Private Limited (ATPL).
ATPL aims to develop the Dhamra LNG regasification terminal – which is
expected to start operations in Q2 2023 – and to market LNG.

In 2019, TotalEnergies announced the acquisition of a 37.4% stake in the
listed entity Adani Total Gas Limited, a city gas distribution business. As of
end 2022, ATGL operated 33 city gas licenses and some 380 compressed natural
gas (CNG) stations.

In 2020, TotalEnergies and Adani Group extended their relationship, with the
acquisition by TotalEnergies of a 20% minority interest in the listed company
Adani Green Energy Limited, and a 50% stake in a 2.35 GW(ac) portfolio of
operating solar assets owned by AGEL (AGEL23), for a total investment of $2.5
billion. AGEL has around 7 GW(ac) in operation, 10 GW(ac) in construction and
3 GW(ac )in late development.

***

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, cleaner, more reliable and accessible to as many people
as possible. Active in more than 130 countries, TotalEnergies puts sustainable
development in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.

TotalEnergies Contacts

Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
(mailto:presse@totalenergies.com) l @TotalEnergiesPR 
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Investor Relations: +33 (0)1 47 44 46 46 l ir@totalenergies.com
(mailto:ir@totalenergies.com)

Twitter: @TotalEnergies
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Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in
this document are used to designate TotalEnergies SE and the consolidated
entities that are directly or indirectly controlled by TotalEnergies SE.
Likewise, the words “we”, “us” and “our” may also be used to refer
to these entities or to their employees. The entities in which TotalEnergies
SE directly or indirectly owns a shareholding are separate legal entities.
This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TotalEnergies SE
nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the most
recent Universal Registration Document, the French-language version of which
is filed by TotalEnergies SE with the French securities regulator Autorité
des Marchés Financiers (AMF), and in the Form 20-F filed with the United
States Securities and Exchange Commission (SEC).



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