Adani New Industries Ltd to invest USD 50 Bn in green hydrogen
This is India’s largest commitment to green hydrogen by a company
Adani, India’s fastest-growing diversified business portfolio, and energy supermajor TotalEnergies of France, have entered into a new partnership to jointly create the world’s largest green hydrogen ecosystem. In this strategic alliance, TotalEnergies will acquire 25% minority interest in Adani New Industries Ltd (ANIL) from Adani Enterprises Ltd (AEL).
The new partnership, centered on green hydrogen, is expected to transform the energy landscape both in India and globally. 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.
ANIL’s ambition is to invest over USD 50 billion over the next 10 years in green hydrogen and associated ecosystem. In the initial phase, ANIL 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 Mr. 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’ 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 Mr. Patrick Pouyanné, Chairman and CEO of TotalEnergies. “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 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.”
This partnership builds on the exceptional synergies between the two platforms. While Adani will bring its deep knowledge of the Indian market, rapid execution capabilities, operations excellence and capital management philosophy to the partnership, TotalEnergies will bring its deep understanding of the global and European market, credit enhancement and financial strength to lower the financing costs, and expertise in underlying technologies. The complementary strengths of the partners will help ANIL deliver the largest green hydrogen ecosystem in the world, which, in turn, will deliver the lowest cost of Green Hydrogen to the consumer and help accelerate the global energy transition.
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.
With this investment in ANIL, the strategic alliance between the Adani Portfolio and TotalEnergies now covers LNG terminals, the gas utility business, renewables business and green hydrogen production. The partnership helps India in its quest to build the fundamental pillars of economic sustainability by driving decarbonisation of industry, power generation, mobility, and agriculture thereby mitigating climate change, and ensuring energy independence.
About Adani Enterprises Limited
Adani Enterprises Limited (AEL) is the incubation arm of Adani Portfolio. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses and divesting them into separate listed entities. Having successfully built unicorns like Adani Ports & SEZ Limited, Adani Transmission Limited, Adani Power Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited, the company has contributed significantly to make the country self-reliant with our portfolio of robust businesses. AEL is leading decarbonization of industries and mobility through Adani New Industries Limited. Other next-generation of AEL’s strategic business investments are centered around airport management, roads, data center and water infrastructure which has significant scope for value unlocking.
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TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people. TotalEnergies is looking into the production of clean hydrogen (blue or green), produced using carbon neutral processes, from natural gas with carbon capture and storage or based on intermittent renewable electricity. For several years, the Group has been working on the development of concrete use cases, for the decarbonization of industrial processes as well as in mobility and gas. TotalEnergies is also an anchor sponsor of the EUR 1.5 Billion clean hydrogen infrastructure fund to accelerate the growth of the clean hydrogen ecosystem and an active member of several hydrogen-dedicated initiatives and professional associations: the Hydrogen Council, Hydrogen Europe, the European Clean Hydrogen Alliance and France Hydrogène.
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