French energy major TotalEnergies has agreed with India’s Adani Enterprises to buy a 25% stake in Adani New Industries (ANIL), for an undisclosed sum as part of a deal to develop the world’s largest green hydrogen ecosystem.
ANIL will be the exclusive platform of Adani and TotalEnergies for the production and commercialisation of green hydrogen in India. ANIL’s ambition is to invest over $50bn over the next 10 years in green hydrogen and the associated ecosystem, with an initial target of producing 1 mtpa by 2030, underpinned by around 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, centered on green hydrogen, both companies said they expect to transform the energy landscape both in India and globally.
Gautam Adani, chairman, Adani Group, 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.”
Patrick Pouyanné, chairman and CEO of TotalEnergies, added: “TotalEnergies’ entry into ANIL is a major milestone in implementing our renewable and low carbon hydrogen strategy, where we want to not only decarbonize 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.