REG-TotalEnergies SE TotalEnergies’ Statement on its Investments Related to Adani Group in India

TotalEnergies SEAnnouncement

25/11/2024 10:15

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TotalEnergies’ Statement on its Investments Related to Adani Group in India

 

TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE) has learnt through public
announcements made by the US authorities of the indictment of certain
individual Adani group executives in relation to an alleged corruption scheme
linked to the business of Adani Green Energy Limited (AGEL). This indictment
does not target AGEL itself, nor any AGEL related companies.

In accordance with its code of conduct, TotalEnergies rejects corruption in
any form.

TotalEnergies, which is not targeted nor involved in the facts described by
such indictment, will take all relevant actions to protect its interests as
minority (19.75%) shareholder of AGEL and as a joint-venture partner (50%) in
project companies with AGEL.

Until such time when the accusations against the Adani group individuals and
their consequences have been clarified, TotalEnergies will not make any new
financial contribution as part of its investments in the Adani group of
companies.

TotalEnergies recalls that its investments in Adani’s entities were
undertaken in full compliance with applicable laws, and with TotalEnergies’
own internal governance processes pursuant to due diligence and
representations made by the sellers. In particular, TotalEnergies was not made
aware of the existence of an investigation into the alleged corruption scheme.

TotalEnergies’ investments in and with AGEL

In January 2021 TotalEnergies acquired a minority interest in the listed
company Adani Green Energy Limited of which it now owns 19,75%. As part of its
strategy to enhance its development in renewables in India through direct
access to a portfolio of assets, TotalEnergies also has acquired 50% stake in
3 JVs operating renewable assets (AGEL23 in 2020, AREL9 in 2023, AREL64 in
2024).

***

About TotalEnergies

TotalEnergies is a global integrated 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 provide as many
people as possible with energy that is more reliable, more affordable and more
sustainable. Active in about 120 countries, TotalEnergies places
sustainability at the heart of its strategy, its projects and its operations.

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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).

TotalEnergies 

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