Adani, Total ink pact for green hydrogen ecosystem
Adani, Total ink pact for green hydrogen ecosystem"
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Adani Enterprises has entered into a partnership with French multi-energy company TotalEnergies, where the latter will acquire a 25% minority interest in Adani New Industries Ltd (ANIL),
with focus on green hydrogen. The latest deal between the two parties now extends their collaboration across LNG terminals, gas utility business, renewables business and green hydrogen
production.
“Adani, India’s fastest-growing diversified business portfolio, and energy supermajor TotalEnergies of France, have entered into a new partnership to jointly create the world’s largest green
hydrogen ecosystem,” Adani Enterprises told the exchanges on Tuesday. “The new partnership, centered on green hydrogen, is expected to transform the energy landscape both in India and
globally. Both Adani and TotalEnergies are pioneers in energy transition and clean energy adoption, and this joint energy platform further strengthens the public ESG commitments made by both
companies.”
Gautam Adani-led Adani Enterprises had formed Adani New Industries as a wholly-owned subsidiary in January this year to foray into the green energy segment, after competitor Reliance
Industries, with Mukesh Ambani at its helm, announced similar plans. The subsidiary has been formed to produce cheaper green hydrogen, wind turbines, solar modules and batteries, along with
other components related to low-carbon energy.
On the partnership with TotalEnergies, Adani Group chairman Gautam Adani says, “In our journey to become the largest green hydrogen player in the world, the partnership with TotalEnergies
adds several dimensions that include R&D, market reach and an understanding of the end consumer. This fundamentally allows us to shape market demand. This is why I find the continued
extension of our partnership to hold such great value.”
“TotalEnergies’ entry into ANIL is a major milestone in implementing our renewable and low carbon hydrogen strategy, where we want to not only decarbonise the hydrogen used in our European
refineries by 2030, but also pioneer the mass production of green hydrogen to meet demand, as the market will take off by the end of this decade,” says Patrick Pouyanné, chairman and CEO of
TotalEnergies.
Adani New Industries intends to invest over $50 billion over the next 10 years in green hydrogen and associated ecosystems, the Adani flagship company says. In the initial phase, the Adani
unit will develop green hydrogen production capacity of 1 million tonnes per annum before 2030, it further adds.
This future production capacity of 1 million tonnes per annum of green hydrogen will be a major step in increasing TotalEnergies’ share of new decarbonised molecules including biofuels,
biogas, hydrogen, and e-fuels to 25% of its energy production and sales by 2050,” Pouyanné further states.
In this partnership built around green hydrogen, Adani will bring its deep knowledge of the Indian market, rapid execution capabilities, operations excellence and capital management
philosophy to the partnership. Meanwhile, TotalEnergies will bring its deep understanding of the global and European market, credit enhancement and financial strength to lower the financing
costs, and expertise in underlying technologies.
“The complementary strengths of the partners will help ANIL deliver the largest green hydrogen ecosystem in the world, which, in turn, will deliver the lowest cost of green hydrogen to the
consumer and help accelerate the global energy transition,” Adani Enterprises says.
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