Adani ropes in TotalEnergies for $50-bn hydrogen venture

New Delhi: 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 per cent 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 Group's flagship) Adani Enterprises Limited (AEL) to acquire a 25 per cent interest in ANIL," the French energy giant said. ANIL will be the exclusive platform of AEL and TotalEnergies for the production and commercialization of green hydrogen in India.

"ANIL will target a production of one million metric tons 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.

Adani group statement said the partnership, centered on green hydrogen, is expected to transform the energy landscape both in India and globally.