Total said to be in talks to invest in Adani Green’s projects.

TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd., people familiar with the matter said, potentially marking the first public deal between the French oil giant and Gautam Adani since a short-seller leveled fraud allegations against the Indian billionaire’s business empire.

Total is looking to buy stakes in some of Adani Green’s projects as part of its drive to expand its portfolio of clean energy projects, said the people, who asked not to be identified as the discussions are private. The French group could invest about $700 million in total into the projects, one of the people said.

Deliberations are ongoing and there’s no certainty for a transaction, the people said. Representatives for Adani and Total declined to comment.

HBL