TotalEnergies, Adani to create India’s largest green hydrogen ecosystem
The joint platform will be made possible thanks to an investment of 50 billion dollars over the next 10 years to develop production capacity of the alternative fuel.
TotalEnergies has entered a new partnership with Adani to jointly create India’s largest green hydrogen ecosystem. The French oil company will acquire a 25% minority interest in Adani New Industries Ltd (ANIL) from Adani Enterprises Ltd (AEL), with an investment of over USD 50 billion over the next 10 years for the project.
In the initial phase, ANIL will develop green hydrogen production capacity of 1 million ton per annum before 2030. This partnership builds on the synergies between the two platforms. While Adani will bring its knowledge of the Indian market, execution capabilities, operations and capital management philosophy to the partnership, TotalEnergies will bring its understanding of the global and European market, credit enhancement and financial strength to lower the financing costs, and expertise in underlying technologies.
"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," said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
The complementary strengths of the partners will help ANIL deliver what the companies aim to be the largest green hydrogen ecosystem in the world. Their objective is to deliver the lowest cost of Green Hydrogen to the consumer and help accelerate the global energy transition.
"This future production capacity of 1 million ton per annum of green hydrogen will be a major step in increasing TotalEnergies' share of new decarbonized molecules including biofuels, biogas, hydrogen, and e-fuels to 25% of its energy production and sales by 2050," added Pouyanné.
