Friday Nov 15, 2024
Friday Nov 15, 2024
Thursday, 16 June 2022 00:24 - - {{hitsCtrl.values.hits}}
French multinational integrated energy and petroleum company and one of the seven “supermajor” oil companies, TotalEnergies SE, has agreed to buy a 25% investment in Adani New Industries (ANIL) from Adani Enterprises, as part of a plan to establish the world’s largest green hydrogen ecosystem.
ANIL will be Adani and TotalEnergies’ exclusive platform for the production and commercialisation of green hydrogen in India. ANIL’s goal is to invest more than $ 50 billion in green hydrogen and its ecosystem over the next 10 years, with an initial goal of producing one million tonnes per year by 2030, backed by about 30 GW of new renewable power generation capacity.
Adani already has a tie up with TotalEnergies for building liquefied natural gas terminals, gas utilities and renewable energy businesses in India. With the new partnership, centred on green hydrogen, both companies said they expect to transform the energy landscape both in India and globally.
Adani Group Chairman Gautam Adani said: “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. Our confidence in our ability to produce the world’s least expensive electron is what will drive our ability to produce the world’s least expensive green hydrogen. This partnership will open up a number of exciting downstream pathways.”
TotalEnergies Chairman and CEO Patrick Pouyanné said: “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.”
Adani Enterprises is the incubation arm of Adani Portfolio. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses and divesting them into separate listed entities, like Adani Ports and Special Economic Zone (APSEZ) India’s largest private ports and logistics company.
