French firm acquires 25% stake in Adani's new energy venture

Wednesday 22nd June 2022 06:28 EDT
 
 

Adani New Industries (ANIL), the new energy venture of the Adani group, aims to “valorise India’s abundant low-cost renewable power potential by investing $50 billion over 10 years to create the world’s largest green hydrogen ecosystem.

French energy major TotalEnergies will now acquire a 25% stake in ANIL according to a joint statement by the companies. In the initial phase, ANIL will develop green hydrogen production capacity of 1 million tonne per annum before 2030.

ANIL aims to be the largest fully integrated green hydrogen player in the world, with presence across the entire value chain - from manufacturing solar panels, wind turbines and electrolysers to renewable power generation, green hydrogen production and creating downstream facilities for green hydrogen derivatives. “The strategic value of the Adani-TotalEnergies relationship is immense at both the business level and the ambition level,” according to Gautam Adani.

Total and Adani began their tango in 2018 when the French major acquired stakes in Adani Gas, city gas distribution, associated LNG terminal, and gas marketing businesses. Total has 37. 4% in Adani Gas and 50% in the Dhamra LNG project. Total also has a 20% stake in Adani Green Energy, the group’s renewable energy arm.

According to Total CEO Patrick, “The new partnership, centred on green hydrogen, is expected to transform the energy landscape both in India and globally. 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".


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