TotalEnergies hold $4bn hydrogen investment with Adani
French energy giant Total has put a $4bn investment in a green hydrogen project with India's Adani Group on hold, citing a need for more clarity about the conglomerate's situation. Total is among the largest foreign investors in businesses connected to Adani, which is under scrutiny following allegations of debt and accounting fraud from a US short seller, which Adani denies. Total planned to take a 25% stake in Adani New Industries as part of the hydrogen project, but CEO Patrick Pouyanné has announced that the deal will not proceed until there is more clarity. Total has invested over $3bn in Adani, including in gas distribution and solar projects, which it considers being a small part of its total capital commitments. Despite an Adani stock rout of $100bn, these stakes are still worth more than the Total paid for them, according to Pouyanné. This uncertainty is another setback for Adani, which has set up Adani New Industries to establish the world's largest green hydrogen ecosystem. Total's profits in 2022 reached a record $20.5bn, boosted by high commodities prices. The company has also announced a 6.4% increase in its dividend, a special payout of €1 per share, and a $2bn share buyback. Additionally, Total plans to spin off its Canadian exploration and production business in a Toronto listing, keeping 30% and distributing the rest to shareholders.