Adani Enterprises Limited (AEL) and TotalEnergies have agreed to acquire 25% of Adani New Industries Limited (ANIL). For the production and commercialization of green hydrogen in India, ANIL will be the exclusive platform of AEL and TotalEnergies. As its first milestone, ANIL plans to produce one million tons of green hydrogen per year (Mtpa), backed by around 30 gigawatts (GW) of new renewable energy generation capacity.

The production of green hydrogen by ANIL will be integrated along the value chain, from the manufacture of the equipment required to generate renewable energy 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.

These two companies have a remarkable complementarity, resulting in this partnership. Adani brings deep market knowledge, execution capabilities, and excellence in operations and capital management to the table. ANIL will be able to lower its financing costs by leveraging TotalEnergies’ understanding of global markets, expertise in renewable technologies, and financial strength.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said that TotalEnergies’ entry into ANIL is a major milestone in implementing our low carbon hydrogen strategy, whereby we will not only decarbonize the hydrogen used in our European refineries by 2030, but also pioneer the production of green hydrogen mass production by the end of this decade.

Adani Group Chairman Gautam Adani said: “The strategic value of the Adani-TotalEnergies relationship is immense at both the business level and the ambition level. 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. ”