TotalEnergies and Adani in JV to Create Green Hydrogen Company
TotalEnergies has entered into an agreement with Adani Enterprises Limited (AEL) to acquire a 25% interest in Adani New Industries Limited (ANIL). 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.
In order to control green hydrogen production costs, 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 nitrogenous fertilizers and methanol, both for the domestic market and export. To start with, ANIL intends to develop a project to produce 1.3 Mtpa of urea derived from green hydrogen for the Indian domestic market, as a substitution to current urea imports, and will invest around $5 billion in a 2 GW electrolyzer fed by renewable power from a 4 GW solar and wind farm.
This partnership is based on the remarkable complementarity of the two companies. Adani’s portfolio will contribute its deep knowledge of the Indian market, execution capabilities, and operations and capital management excellence. TotalEnergies will offer its thorough understanding of the global markets, expertise in renewable technologies and large-scale industrial projects, and financial strength, enabling ANIL to lower its financing cost. The partners’ complementary strengths will help ANIL deliver the largest green hydrogen ecosystem in the world, which will enable the lowest green hydrogen cost to the consumer.
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