TotalEnergies to acquire 25% interest in Adani New Industries
Premium- Adani New Industries Ltd to invest $50 billion in green hydrogen
As part of a new strategic alliance to develop green hydrogen ecosystem, TotalEnergies will acquire 25% minority interest in Adani New Industries Ltd (ANIL) from Adani Enterprises Ltd (AEL). In a statement Adani Enterprises said that Adani group and and energy supermajor TotalEnergies of France have entered into a new partnership to “jointly create the world’s largest green hydrogen ecosystem".
Adani New Industries plans to invest over $50 billion over the next 10 years in green hydrogen and associated ecosystem. In the initial phase, the company will develop green hydrogen production capacity of 1 million ton per annum before 2030.
“The strategic value of the Adani-TotalEnergies relationship is immense at both the business level and the ambition level," said Gautam Adani, Chairman, Adani Group.
“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 of France is one of the world's biggest oil and gas producers.
“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.
Last year, Reliance Industries, operator of the world's biggest refining complex at Jamnagar in Gujarat, had announced it will invest $10.1 billion in clean energy over three years in a drive to become a net carbon zero company by 2035.
Among the initiatives, the oil-to-telecoms conglomerate will invest ₹60,000 crore to build four 'giga factories' at Jamnagar to produce solar cells and modules, energy storage batteries, fuel cells and green hydrogen.