PR96499

AHMEDABAD, India, June 14, 2022 /PRNewswire=KYODO JBN/ --

    -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.

    Photo:

https://mma.prnewswire.com/media/1839121/Adani_Group_TotalEnergies.jpg

    Logo: https://mma.prnewswire.com/media/1716106/Adani_Group_Logo.jpg

    Source:  Adani Group