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French energy giant TotalEnergies and the Adani Group have entered into a partnership to create a green hydrogen ecosystem in India.
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables, and electricity. It operated in 130+ countries and has more than 100,000 employees.
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According to the release, TotalEnergies has entered into an agreement to acquire a 25% interest in Adani New Industries Limited (ANIL). ANIL will be the exclusive platform of AEL and TotalEnergies for the production and commercialization of green hydrogen in India. The company will target production of one million Mtpa of green hydrogen by 2030, underpinned by around 30 GW of new renewable power generation capacity, as its first milestone.
In an exchange filing, the company said that both companies were striving to build the world's biggest green hydrogen ecosystem. ANIL aims to be the world's largest producer of green hydrogen with its presence in all areas such as manufacturing solar panels, wind turbines, electrolyzers, etc.
This is not the first time TotalEnergies and Adani Group have engaged in a partnership. In 2018, both companies came together for the first time with a joint LNG business. In 2020, the French energy giant acquired a 20% minority stake in Adani Green Energy Ltd. and 50% of Adani's solar portfolio.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: “TotalEnergies' entry into ANIL is a major milestone in implementing our low carbon hydrogen strategy, where we want not only to decarbonize the hydrogen used in our European refineries by 2030 but also to pioneer the mass production of green hydrogen to meet demand, as the market will take off by the end of this decade. We are also very pleased with this agreement, which further strengthens our alliance with the Adani Group in India and contributes to the valorization of India's abundant low-cost renewable power potential. This future production capacity of 1 Mtpa 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.”
This move is in accordance with Mr. Adani's statement in the JP Morgan India Investor Summit held in September 2021, wherein he stated an investment plan of $20 billion to make the world's cheapest green electron.
However, competition is fierce since industrialist Mukesh Ambani has also announced his intent to foray into the green hydrogen sector. He announced a significant investment in green hydrogen infrastructure and his desire to supply green hydrogen at prices substantially cheaper than what they are today.
Article by Aman Agarwal.
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