TotalEnergies’ Statement on Its Investments in India
03 Fevereiro 2023 - 4:20AM
Business Wire
Regulatory News:
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 GWac portfolio of operating solar assets
owned by AGEL (AGEL23), for a total investment of $2.5 billion.
AGEL has around 7 GWac in operation, 10 GWac in construction and 3
GWac 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.
Twitter: @TotalEnergies LinkedIn: TotalEnergies
Facebook: TotalEnergies Instagram: TotalEnergies
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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