Adani, TotalEnergies in pact for $50-bn green hydrogen venture

New Delhi, June 14

Billionaire Gautam Adani’s logistics-to-energy conglomerate has roped in French supermajor TotalEnergies as a partner for its green hydrogen production venture that will see an investment of $50 billion over the next 10 years in producing the carbon-free fuel.

TotalEnergies will acquire 25% shareholding in Adani New Industries Ltd (ANIL) — the firm that houses Adani Group’s new energy business — for an undisclosed amount, the two firms said in separate statements.

“TotalEnergies has entered into an agreement with Adani Enterprises Ltd (AEL) to acquire a 25% interest in ANIL,” the French energy giant said.

ANIL will be the exclusive platform of AEL and TotalEnergies for the production and commercialisation of green hydrogen in India.

“ANIL will target a production of one million metric tonne of green hydrogen per year (Mtpa) by 2030, underpinned by around 30 gigawatts (GW) of new renewable power generation capacity, as its first milestone,” it said. — PTI

Deal dynamics

• TotalEnergies will acquire 25% shareholding in Adani New Industries Ltd (ANIL) — the firm that houses Adani Group’s new energy business — for an undisclosed amount, the two firms said in separate statements
• Adani New Industries Ltd will be the exclusive platform of AEL and TotalEnergies for the production and commercialisation of green hydrogen in India