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France’s Total to buy stake in Adani hydrogen unit

FILE PHOTO: The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo

FILE PHOTO: The TotalEnergies logo sits on the company's headquarter skyscraper in the La Defense business district in Paris, France, March 24, 2022. REUTERS/Benoit Tessier/File Photo | Photo Credit: BENOIT TESSIER

The Adani group said on Tuesday it had entered into an agreement with French energy major TotalEnergies SE to jointly create the ‘world’s largest green hydrogen ecosystem’ in Gujarat’s Kutch region.

As part of the strategic tie-up, TotalEnergies would acquire a 25% stake in Adani New Industries Ltd. (ANIL), a subsidiary of Adani Enterprises Ltd. (AEL). The joint venture aims to invest $50 billion over the next 10 years to set up the green hydrogen ecosystem, AEL and TotalEnergies said in a joint statement. 

“In our journey to be the world’s largest Green H2 player, the partnership with @TotalEnergies will fundamentally shape market demand,” Adani group chairman Gautam Adani posted on Twitter. “Our ability to produce the world’s least expensive electron will lead to us producing the world’s least expensive Green H2,” Mr. Adani tweeted announcing the partnership. 

“The new partnership, centred on green hydrogen, is expected to transform the energy landscape both in India and globally,” AEL and TotalEnergies said. “Both Adani and TotalEnergies are pioneers in energy transition and clean energy adoption, and this joint energy platform further strengthens the public ESG commitments made by both companies,” they added. 

In the primary phase, ANIL will develop green hydrogen production capacity of 1 million ton per annum before 2030 at Mundra in Kutch.

ANIL aims to be the largest fully integrated green hydrogen player in the world, with presence across the entire value chain, from the manufacturing of renewables and green hydrogen equipment (solar panels, wind turbines, electrolysers, etc.), to large scale generation of green hydrogen, to downstream facilities producing green hydrogen derivatives, AEL asserted.

“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.” said Patrick Pouyanne, chairman and CEO of TotalEnergies .


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Printable version | Sep 23, 2022 1:34:34 am | https://www.thehindu.com/news/national/other-states/frances-total-to-buy-stake-in-adani-hydrogen-unit/article65526254.ece