TotalEnergies is expanding its partnership with Indian conglomerate Adani Group as they aim to deliver the world’s largest green hydrogen ecosystem in India.
An agreement between TotalEnergies and Adani Enterprises will see the French energy major acquire a 25% interest in Adani New Industries Limited (ANIL), which will initially target the production of 1 million tonnes of green hydrogen per year by 2030, underpinned by around 30GW of new renewables capacity.
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With an ambition to invest more than US$50 billion in the next ten years in green hydrogen and associated ecosystem, ANIL will be integrated along the value chain, from the manufacturing of equipment needed to generate renewable power and produce green hydrogen, to the production of green hydrogen itself and its transformation into derivatives, including fertilisers and methanol.
The tie-up will see Adani contribute its knowledge of the Indian market while TotalEnergies will offer experience in renewable technologies and large-scale industrial projects, the companies said.
“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,” said Adani Group chairman Gautam Adani.
India is planning to produce five million tonnes of green hydrogen per annum by 2030 and reach net zero by 2070.
This year has seen conglomerate Reliance Industries unveil plans to bring forward 100GW of renewables and a green hydrogen ecosystem in the Indian state of Gujarat, while independent power producer ReNew Power has formed a joint venture to develop green hydrogen projects in the country.
For TotalEnergies, the deal follows its acquisition last of year of a 20% stake in solar developer Adani Green Energy Limited.
Patrick Pouyanné, CEO at TotalEnergies, said the latest agreement “further strengthens our alliance with the Adani Group in India and contributes to the valorisation of India’s abundant low-cost renewable power potential”.
TotalEnergies has bolstered its presence in the global solar sector this year with the acquisition of US installer SunPower’s Commercial and Industrial Solutions business and Texas-based developer Core Solar. Last month it acquired a 50% stake in developer Clearway Energy.
